USDCHF: With the pair breaking above its key resistance at the 0.9548 level (Dec 15’2011 high) and resuming its medium term uptrend started from the 0.7068 level, the immediate risk for USDCHF is to strengthen further in the new week. In such a case, the 0.9772 level, its Feb 11’2011 high will be targeted with a violation of there allowing for the pair to aim at the 0.9913 level, its Dec 07’2010 high. Further out, its psycho level at 1.000 level will come in as the next upside target. Its weekly RSI is bullish and pointing higher suggesting further strength. Alternatively, its just violated resistance at 0.9548 will reverse roles as support on any pullback. Further down, support stands at the 0.9240 level, its Dec 21’2011 low where a breach if seen will push the pair further lower towards the 0.9175 level, its Dec 08’2011 low. A halt is likely to occur here and turn the pair back up but if that level breaks, lower level prices could shape up towards the 0.9063 level, its Nov 30’2011 low. All in all, the pair remains biased to the upside having taken out the 0.9548 level.
