USDCHF: Although the pair remains biased to the upside medium term, it now faces bear threats after reversing its previous week losses to close lower. This development leaves USDCHF vulnerable to the downside in the new week with the possibility of targeting the 0.9579 level, its July 05’2012 low. A breach of here will call for a run at the 0.9480 level followed by the 0.9421 level. We expect a combination of these levels to hold and possibly turn the pair higher if tested. Its weekly RSI has turned lower suggesting further weakness. On the upside, the pair will have to break and hold above the 0.9970 level to reverse its present bear threats and pave the way for a push further higher towards the 1.0000 level, its 200 weekly ema. We expect the pair to face price hesitation at this level due to its psychological importance. But if it breaks, the 1.0050 level will be targeted. On the whole, the pair remains biased to the upside in the medium term though facing bear threats.