USDCHF: The pair closed higher for a second week in row since triggering a recovery (off 0.9041) as it looks to strengthen further in the new week. However, the warning is its continued price hesitation below its key resistance located at the 0.9331 level. Unless USDCHF breaks and holds above the mentioned resistance, its broader medium term trend will continue to point lower with an eventual return to the 0.8929 level, its Feb 24’2012 low envisaged. Further down, support comes in at the 0.8890 level, its Nov 03’2011 low where a breach will call for further declines towards the 0.8700 level, its psycho level. On the upside, if the pair can breach and maintain above the 0.9331 level, further bull pressure will build up. This will open the door for a run at the 0.9504 level, its Jan 13’2012 low and then the 0.9591 level. On the whole, the pair remains biased to the upside below in the immediate term
