USDCHF: With the pair continuing to look vulnerable despite its recovery attempt the past week, a return to the 0.9213 level is still a likely scenario. A decisive break of here will set the stage for a move lower towards the 0.9193 level, its May 07’2012 low where a breach will aim at the 0.9100 level and ultimately the 0.9000 level, its big psycho level. On the upside, the pair will have to follow through on its past week marginal gains to return to the 0.9424 level in order to reduce bear threats. Above here will resume its short term uptrend now on hold towards its Sept 10'2012 high at 0.9482 followed by the 0.9606 level. On the whole, the pair remains biased to the downside in the medium term.