USDCHF- A serious blow has been dealt on USDCHF’s recovery triggered from the 0.9021 level as it reversed its previous week gains to close lower on Friday. On a hold below the 0.9388 level, risk of further downside will develop towards the 0.9230 level and possibly the 0.9150 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, for the pair to reverse its present weakness and resume its short term uptrend, it will have to break and hold above the 0.9566 level. Further out, resistance comes in at the 0.9600 level followed by the 0.9773 level, its weekly ema. On the whole, the pair’s short term bullishness remains valid as long as it holds above the 0.9388 level, its Feb 18’2013 high
