USDCHF – Having backed off higher prices to close lower the past week, there is risk of further declines in the new week. Despite this it continues to hold on to its broader upside bias suggesting the mentioned weakness is corrective. On ending it USDCHF should eventually return to the 0.9838 level, its May 2013 high where a violation will aim at the 0.9850 level. Further out, resistance resides at the 0.9900 level with a turn above here exposing the 0.9970 level. On the downside, support comes in at the 0.9576 level followed by the 0.9400 level where a breach if seen will target the 0.9331 level and then the 0.9205 level. Further down, support stands at the 0.9150 level. On the whole, the pair continues to hold on to its broader upside bias despite pull back risk.
