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USDCHF – A second week of decline has seen the pair weakening and threatening further downside with eyes on the 0.9303 level. Below here will set the stage for a move lower towards the 0.9200 level where a violation will aim at the 0.9130 level.

Bears may come in here and turn USDJPY higher but if this fails to occur, expect further decline towards the 0.9030/00 levels. Its weekly RSI is bearish and pointing lower supporting this view.

Conversely, the pair will have to return above the 0.9750 level to annul its present bearishness and then resume its corrective strength.USDCHF

This if seen will target the 0.9838 level, its Jun 2013 high with a cut through here resuming its broader medium term bias and opening the door for a move higher towards the 0.9900 level. On the whole, the pair looks to extend its weakness in the new week.

Guest post by FX Tech Strategy