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The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage. The opinions expressed are those of the author and do not represent the views of TheStreet or its management.

NEW YORK (

fxtechstrategy.com

) -- Having reversed about 80% of its two-week gains to close lower at 0.9444 at the end of last week, the dollar-Swiss franc (USD-CHF) currency pair should see further weakness this week.

The dollar-Swiss franc pair should target the 0.9327 level at first, and then its 2011 low at 0.9297. A breach of the latter level will cause the pair to resume its long-term downtrend toward the 0.9200 level.

A violation of that level will pave the way for further weakness toward 0.9100 and then 0.9000 level, both psychological levels.

The currency pair's weekly relative strength index is bearish and pointing lower, supporting this view.

Conversely, for the pair to reverse its current downside vulnerability, it will need to climb back to more than 0.9772/0.9783. This would set the pair up for further strength towards the 0.9913 level, its Dec. 8 high, and then the 1.0066 level, its Dec. 1 high. A cap is likely to occur at the latter level and turn the pair back down.

All in all, the pair remains vulnerable to the downside in the long term.

--Written by Mohammed Isah.

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Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces

The Professional Suite

for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.