USD/CHF rises to monthly pivot point

Despite the bearish outlook implied by the weekly and monthly technical studies, USD/CHF turned around ahead of the monthly S1 and it is now challenging the monthly PP. In case this resistance fails to contain the pair, there is another potential ceiling at 0.8839 (20 and 55-day SMAs), which is supposed to ensure that the buck is eventually going to descend to the lower down-sloping trend-line of the falling wedge.

Just as yesterday, a substantial majority (72%) of the SWFX market participants expect the U.S. Dollar to outperform the Swiss Franc. And the demand is likely to grow, since 65% of orders are to purchase the buck.