By Mohammed Isah of fxtechstrategy.com

NEW YORK ( fxtechstrategy.com) -- The dollar-Swiss franc currency pair (USD-CHF) continues to face downside pressure.

The pair's recovery initiated at the 0.9297 level failed at the 0.9783 level and collapsed to close lower last week. Then it followed through lower this past week, so further bear threats are likely as we enter the coming week.

If the pair continues to head lower, it will target minor support at the Jan. 19 low at 0.9521. A turn below there would pave the way for further weakness toward the Oct. 14 low at 0.9462 and ultimately the 2010 low at 0.9297.

A failure of the level to hold as key support will activate the dollar-Swiss franc currency pair's long-term weakness.

To prevent this bearish view, the pair will have to break and hold above the 0.9783 level. This will create scope for further strength toward 0.9913, the pair's Dec. 8 high, and then the 1.0066 level of Dec. 1, where a cap is likely to occur.

All in all, the dollar-Swiss franc currency pair remains broadly biased to the downside in the long term, suggesting that any recovery will be corrective.

--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.