USD/CHF attacks 0.89

USD/CHF has just reached the first target implied by the symmetrical triangle at 0.89. If the sell-off continues, as suggested by the majority of the technical studies, and this support fails to halt the decline, the exchange rate will be inclined fall further, to 0.8730, a major down-trend support line that should be able to prevent extension of the dip and in turn initiate a rally.

Already strongly bullish towards USD/CHF sentiment intensified even more, since the portion of long positions in the market went up from 71% to 74%. At the same time the percentage of buy orders placed on the pair 100 pips from the spot plunged from 65% down to 54%.