USDCHF: The pair continues to hold on to its downside pressure initiated from the 0.9970 level declining sharply for the past week and setting the stage for additional weakness. This development now leaves the pair targeting the 0.9421 level, its July 2012 low. A violation of here could force more declines towards the 0.9366 level where a breach will aim at the 0.9300 level. Its weekly RSI is bearish and pointing lower supporting this view. The alternative scenario will be for the pair to initially return above the 0.9655 level. This if seen should open up further upside towards the 0.9808 level. Further out, resistance resides at the 0.9970 level where a break will resume its broader medium term uptrend now on hold. On the whole, the pair remains biased to the downside in the short term.