USDCHF- Turns Lower On Price Failure, Further Weakness Likely.
USDCHF: With USDCHF reversing almost all of its recovery gains the past week, further decline cannot be ruled out in the new week. In such a case, the pair should push further lower towards the 0.9213 level where a violation will call for a run at 0.91.50 level followed by the 0.9041 level. Its daily RSI is bearish and pointing lower supporting this view. On the other hand, the pair will have to break and hold above the 0.9511 level, its Nov 2012 high to reverse its present bear threats. This if seen will create scope for more recovery higher towards the 0.9550 level. A breach of here will open the door for more upside offensive towards the 0.9606 level. On the whole, the pair remains biased to the downside having ended its correction.