USD/CHF found tough support

Regardless of seemingly strong bearish momentum, the support at 0.8813/04, mainly created by the monthly PP, managed not only to stop the latest sell-off, but it also initiated a rally that in turn erased the recent losses. The rally is now facing the 55-day SMA, but the real challenge lies at 0.89 and above, and this justifies preponderance of ‘sell' signals on the longer time-frames.

The gap between the bulls and bears remains perfectly unchanged, as the former take up 73% of the market and the latter stay in a distinct minority with 27%. Concerning the orders, the buy ones are currently losing their dominance—their share fell from 71% down to 61%.