USD/CHF denied by weekly S1

The weekly S1 at 0.8865 turned out to be resilient by not letting USD/CHF to develop the dip further. As a result, the currency pair returned back to the 2012 lows at 0.89, but, considering the daily and monthly technical indicators, is nonetheless more likely to proceed with the down-trend. Potentially, the buck may descend down to 0.8730 before making a notable upward correction.

Market participants may not be as convinced in strength of the Dollar as they were 24 hours ago, but the overall sentiment towards USD/CHF is nevertheless notably bullish—71% of positions are long. As for the orders, the percentage of those to purchase the greenback fell from 73% down to 62%.