USDCHF: With the pair violating the 0.9499 level and slightly closing higher above the 0.9591 level, its Jan 2012 high on a rally the past week, its broader uptrend is set to continue. As long as USDCHF can hold above here, there is risk of further upside towards the 0.9650 level and then the 0.9772 level with a break of here aiming at its 200 ema at the 0.9954. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, immediate support lies at the 0.9591 level followed by the 9500 level. A turn below here will pave the way for a run at the 0.9331 level. A reversal of roles as support is likely to occur here but if violated a relapse towards the 0.8929 level, its Feb 24’2012 low could happen. Further down, support comes in at the 0.8890 level, its Nov 03’2011 low. On the whole, the pair remains biased to the upside having resumed its uptrend.
