USDCHF: USDCHF remains vulnerable to the downside as it looks to weaken further. This development now leaves the pair targeting the 0.8929 level, its Feb 24’2012 low. Further down, the 0.8890 level, its Nov 03’2011 low will be targeted where a breach will call for further declines towards the 0.8700 level, its psycho level. On the upside, the pair will have to return above the 0.9334 level to resume its recovery. This will open the door for a run at the 0.9504 level, its Jan 13’2012 low and then the 0.9591 level. On the whole, the pair remains biased to the downside on price failure.
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