USDCHF: Although the pair continues to face downside threats, its broader medium term bias still points higher. As long as the pair continues to trade above the 0.9366/34 levels, the above view remains valid. With that said, USDCHF faces the risk of eventually returning to the 0.9768 level on ending its present price hesitation. Above here will open the door for a run at the 0.9850 level and possibly extending towards the 0.9944 level, its 200 weekly ema. The alternative scenario will be for the pair to return to the 0.9512 level and the 0.94 where a break will aim at the 0.9400 level and then the 0.9331 level. On the whole, the pair remains biased to the upside in the medium term.