USD/CHF retests 0.9361

The currency couple did not capitulate after the initial failure and is attempting to overcome the 55-day SMA at 0.9361 anew. Provided that this resistance eventually gives in, the area at 0.9398/0.9440 should enforce a reversal and prevent further rally. Regardless, the bias stays from neutral to negative, with the nearest supports situated at 0.9331/12 and 0.9276.

The fact that the Swiss Franc is one of the least preferred currencies among its major peers, being bought in 28% of cases, is reflected in positioning of market participants on USD/CHF, where 72% of traders are bullish and merely 28% are bearish. Additionally, the ratio of buy to sell orders is three-to-two.