USDCHF: With our call for more upside on the back of the pair’s past week rally is panning out, there is risk of further strength targeting the 0.9655 level. A convincing violation of there will call for a run at its May 2012 high at 0.9768 level where a decisive break and hold above here will resume its medium term uptrend initiated from the 0.7068 level. Further out, on continue strength USDCHF will aim at the 0.9850 level and possibly extending towards the 0.9932 level, its 200 weekly ema. Its daily RSI has turned higher supporting this view. The alternative scenario will be for the pair to return to the 0.9441 level where a breach will aim at the 0.9366 level. Further down, support lies at the 0.9331 level. On the whole, the pair remains biased to the upside in the medium term.
