NEW YORK ( TheStreet) -- USD/CHF: Though price hesitation continues to occur, broader bias remains to the downside with the 0.9297 level being the next downside target.

USD/CHF's present downside pressure is coming on the back of a recovery failure at 0.9783 level, its Jan high of Jan. 11, 2011. A decisive break below 0.9297 will resume the pair's broader long-term weakness towards the 0.9200 level with a violation there targeting the 0.9100 and then the 0.9000 level, all representing psychological levels.

USD/CHF's daily studies are bearish and pointing lower supporting this view. Conversely, for the pair to reverse its current downside vulnerability a climb back above 0.9783 must occur. This will set the pair up for further strength towards the 0.9913 level, its high of Dec. 8, 2010, and then 1.0066 level, its high of Dec. 1, when a cap is likely to occur and turn it back down.

Generally, the pair remains vulnerable to the downside in the long term.
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.