USDCHF: While the pair may have halted its declines and triggered a mild correction, it continues to hold on to its broader short term downside bias. As long as it holds and trades below the 0.9421 level, its July 2012 low, its short term downtrend remains valid. Support lies at the 92.38 level where a violation will aim at the 0.9193 level, its May 07’2012 low with a breach targeting the 0.9100 level. A breach of here will aim at its major psycho level at the 0.9000 level. Its weekly RSI is bearish and pointing lower supporting this view. The alternative scenario will be for the pair to follow through on its recovery threats and then target the 0.9421 level. Above here if seen will call for a run at the 0.9655 level followed by the 0.9808 level. On the whole, the pair remains biased to the downside in the short term though attempting a recovery.