USDCHF: The pair has reversed its Friday losses during Monday trading session today and increased the risk of a price extension to the 0.9146 level, its Nov 10’2011 high. With USDCHF’s short term uptrend remaining intact, a decisive break above this level will call for a run at the 1.9316 level, its Oct’2011 high with a turn above here resuming its short term uptrend towards the 0.9400 level, its psycho level. Further out, scope for more upside gain is seen towards the 0.9503 level, its Feb 22’2011 high. Alternatively, the risk to our analysis will be a return to the 0.8568 level, its Oct 27’2011 low where a loss of there will allow for further declines towards its psycho level at 0.8400 level. All in all, the pair looks to return above the 0.9146 level with a possible price extension.
