USDCHF: The dollar/franc pair failed to follow through higher on the back of its previous week strength to close lower on Friday. This leaves risk of more weakness on the cards in the new week.

On the downside, support comes in at the 0.9644 level. A turn below here will open the door for more weakness to occur towards the 0.9600 level and then the 0.9600 level. A cut through here will open the door for more decline towards the 0.9550 level.

Its weekly RSI is bearish and pointing lower suggesting further weakness. But, on the upside, resistance lies at the 0.9815 level where a breach will target the 0.9850 level. A breather may occur here and turn the pair lower. But if taken out, expect a push further higher towards the 0.9900 level.

All in all, the pair remains biased to the downside in the short term.