USDCHF: With the pair resuming its short term uptrend on Monday, further bullish offensive is now envisaged towards the 0.9292 level, its April 06’2011 high. Further out, key resistance stands at the 0.9340 level, its April 01’2011 high with a cut through that level allowing for further strength towards the 0.9400 level. Its daily RSI is bullish and pointing higher supporting this view. Alternatively, on any pullback, the 0.9180 level will be targeted with a turn below there aiming at the 0.8928 level, its Sept 12’2011 high. A reversal of roles as support is expected to occur here but if that fails, its Sept 15’2011 low at 0.8647 level will be aimed at. Below here if seen will if pave the way for a move further lower towards the 0.8574 level. All in all, the pair remains biased to the upside as it looks to strengthen further.
