USDCHF: The pair continues to strengthen, maintaining a second day of upside gains and opening the door for a possible return to the 0.9316/26 levels. A clearance of here will set the stage for a run at the 0.9400 level, its psycho level. Further out, there is scope for more upside gains towards the 0.9503 level, its Feb 22’2011 high. Its daily RSI is bullish and pointing higher supporting this view. On the downside, the risk to our upside view will be a return to the 0.9063 level, its Nov 30’2011 high where a break will open the door for a move further lower towards the 0.8954 level, its Nov 11’2011. Further down, support lies at the 0.8874 level with a violation of there triggering further declines towards the 0.8568 level, its Oct 27’2011 low. All in all, the pair looks to return above the 0.9316/26 level having halted its corrective weakness.
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