USD/CHF slips to 0.9478/67

Regardless of the pair's failure to advance yesterday, the outlook on USD/CHF stays positive. In case of a dip the initial support should be found at 0.9478/67. If this area does not hold bears and is breached, then we are likely to see a quick decline down to 0.9403/0.9379. Nonetheless, a key support is situated at 0.9349/36, as it is formed by the 55 and 200-day SMAs.

The gap between the shares of long (38%) and short (62%) positions has narrowed, but the sentiment remains notably bearish towards the currency pair. In the SWFX market the Swiss Franc is bought in only 31% of cases, being slightly more popular than the Japanese Yen, which in turn is acquired in 28% of trades.