USDCHF – Loses Upside Momentum.

USDCHF: Although USDCHF has closed lower the past week on corrective pullbacks, it continues to hold on to its broader medium term uptrend. However, it will require a return above the 0.9768 level, its Jun’2012 high to ward off the bears. This if seen will pave the way for a run at the 0.9850 level where a violation could push the pair further higher towards the 0.9944 level, its 200 weekly ema. The alternative scenario will be the pair to decline towards the 0.9512 level, its Jun 07’2012 low where a break will resume its corrective weakness. Further down, support stands at the 0.9400 level and subsequently the 0.9331 level. On the whole, the pair remains biased to the upside in the medium term though facing corrective pullback risks.