USD/CHF to challenge 0.9376/0.9406

Provided that the currency pair continues to advance, contrary to the scenario suggested by daily technical indicators, it will hit a downtrend resistance line at 0.9376/0.9406, which is supposed to contain the current rally and thus terminate bullish correction. USD/CHF should then take course on 0.9265/53—support that has recently prevented further depreciation of the greenback.

Even though the difference between the numbers of long (72%) and short (28%) positions has narrowed, SWFX traders' sentiment still remains strongly bullish as the pair gains upward momentum. Distribution of buy and sell orders, on the other hand, points out indecision of the market, since the ratio between them is 48% to 52%, accordingly.