USDCHF: Price may have stalled at the 0.9316 level, its Aug 19’2011and triggered a pullback but as long as USDCHF continues to hold above the 0.8928/18 zone, its Sept 12’2011 high/Sept 29’2011 low, risk of a climb back above the 0.9316 level remains. This if seen will trigger the resumption of its short term uptrend towards the 0.9340 level, its April 01’2011 high and possibly higher towards the 0.9400 level, its Psycho level. Alternatively, a decisive break and hold below here will call for further declines towards the 0.8810 level, its daily 200 ema. Further down, support comes in at its Sept 15’2011 low at 0.8647 level with a break paving the way for a move further lower towards the 0.8574 level. All in all, USDCHF continues to retain its short term uptrend despite its corrective pullback.
