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The USD/CHF pair has been one that we have waiting for bullish signs on recently. The Monday action may be enough for us to abandon the idea of buying this pair, as the Dollar has been hit extremely hard by the comments of Fed Chairman Bernanke suggesting that the low interest rates should continue as long as possible. This takes the tightening quicker than expected thesis off of the table for the US, and as such we see the pair as being slightly susceptible to lower prices. However, the 0.90 level is below, and as a result we need to watch the market over the next couple of sessions to see if the bears can take over. We are not a fan of buying the Franc in general as the Swiss National Bank is working against it, so we will be cautious – and flat until we test the lows.