USD/CHF preserves upward momentum

USD/CHF stays positively charged and it continues to close the gap between the spot price and the key resistance at 0.8900/0.8882, a test of which is expected to determine next move of the pair. Given the density of this supply area (it consists of the 2012 lows, monthly PP and down-trend line) the U.S. Dollar is unlikely to breach it. Even if the currency does soar, there are also the 100 and 200-day SMAs that are going to make further advancement difficult.

Unlike for other currency pairs, the opinion of the market with respect to USD/CHF remains stable. Just as yesterday, 74% of open positions are long and merely 26% of them are short. But the portion of sell orders did however slip, from 58% to 52%.