USDCHF: While USDCHF may have halted its medium term downtrend and turned higher on correction the past week, its declining trendline stands in its way on further recovery. As long as the 0.9290/90 levels hold as supports, a return to the 0.9082 level cannot be ruled out. If this occurs, expect further declines to occur towards the 0.9000 level followed by the 0.8950 level and next the 0.8900 level. Price hesitation may occur here due to its psychological importance. If broken, further declines will occur towards the 0.8800 level. Conversely, the pair will have to break and hold above the 0.9290/92 levels to create scope for more upside towards the 0.9388 level. This if seen will aim at the 0.9400 level followed by the 0.9456 level. On the whole, the pair may be recovering but continues to hold on to its broader medium term downside bias.
