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USDCHF: With an attempt on the upside failing and USDCHF closing marginally higher the past week, the risk of returning to the 0.9238 level continues to build up. If this occurs in the new week, further declines could shape up towards the 0.9193 level, its May 07’2012 low where a breach will aim at the 0.9100 level and ultimately the 0.9000 level, its big psycho level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, the pair will have to return above the 0. 9424 level to annul its current weakness and then resume its bullish offensive towards its Sept 10’2012 high at 0.9482. A cut through here will open up further upside gain towards the 0.9606 level. On the whole, the pair remains biased to the downside in the short term.