Daily Technical Strategist Feb 14-2013 - Written by Mohammed Isah
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USDCHF- Targets Trendline Resistance

USDCHF: With USDCHF resuming its corrective recovery, the risk is for further upside to occur towards the 9293 level, its trendline resistance.  A cap is likely to occur here and turn it lower but if taken out, the 0.9382 level will be targeted. Further down, support comes in at the 0.9400 level followed by the 0.9456 level and then the 0.9511 level. Conversely, as long as it holds below its declining trendline resistance, the risk of a return to the 0.9149 level cannot be ruled out. Further down, support comes in at the 0.9082 level followed by the 0.9021 level and next the 0.8950 level. Price hesitation may occur here due to its psychological importance. On the whole, corrective recovery may be in place but USDCHF continues to hold to its broader downside bias.

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