USD/CHF well-supported by 0.87

USD/CHF has finally tested the support around 0.87, which appears to be capable of stopping the decline seen since May of 2013 and capable of laying foundation for the bullish market. In order to confirm such long-term intentions, however, the currency pair will have to overcome a series of formidable resistances, with the nearest being the down-trend line at 0.8825. The next obstacle will then be the 2012 lows at 0.89.

The ratio between the long (74%) and short (26%) positions is exactly the same as yesterday. In the meantime, more and more traders are planning to purchase the U.S. Dollar—the portion of buy orders reached 91% 50 pips from the spot.