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Daily Technical Strategist: USDCHF

 
USDCHF- With corrective recovery strength fading and consolidation setting in, the possibility of a return to its Dec 21’2011 low at 0.9240 is likely.This if seen will resume its declines towards the 0.9175 level, its Dec 08’2011 low. A halt is likely to occur here and turn the pair back up but if that level snaps, lower level prices will shape up towards the 0.9063 level, its Nov 30’2011 low and next the 0.8954 level, its Nov 11’11 low. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, the pair will have to break and hold above the 0.9547 level to reverse its nearer term bear threats and then target the 0.9772 level, its Feb 11’2011 high. Above here will extend bull pressure towards the 0.9913 level, its Dec 07’2010 high.  All in all, the pair may be holding on to its medium term uptrend but remains biased to the downside on corrective weakness.