USD/CHF stands still at 2014 Q1 high

USD/CHF is presently struggling to gain a foothold above 0.9150, which in turn would allow the pair to target the 2013 Nov 7 high at 0.9250. Judging by the near-term technical indicators, in the end the bulls should overpower the selling pressure. At the same time long-term studies imply the Greenback is going to underperform relative to the Franc, but only a breach of 0.90 to the downside will change the outlook from positive to negative.

Just as 24 hours ago, 57% of the SWFX market participants are currently holding long positions on USD. On the other hand, the percentage of buy orders 50 pips from the spot plunged from 75 down to 59%.