USDCHF: Having cleared the 0.9503 level, its Feb 22’2011 high on Wednesday, USDCHF has paved the way for further strength. In such a case, further gains should build up towards the 0.9772 level, its Feb 11’2011 high. Above here if seen will extend bull pressure towards the 0.9913 level, its Dec 07’2010 high. Its daily RSI is bullish and pointing higher suggesting further upside. Alternatively, the risk to our analysis will be a return below the 0.9326 level where a reversal of roles as support is expected to occur and turn the pair higher again. However, if that level breaks, its key support at the 0.9063 level, its Nov 30’2011 low could come under bear attack. A breach will turn focus to the 0.8954 level, its Nov 11’11 low followed by the 0.8568 level, its Oct 27’2011 low. All in all, the pair remains biased to the upside on further strength.
