USD/CHF is at 20-day SMA

Even though the near- and mid-term technical indicators suggest the currency pair is rather bearish than bullish, it maintains the upward bias after reversing ahead of the June low at 0.9128. The only notable levels that separate USD/CHF from the key resistance at 0.9342/68 are the 20-day SMA and the weekly PP at 0.9258 and 0.9294 respectively.

Although the buck has been on the decline since mid-July, 72% of traders have entered the market with a buy trade, believing that the downward trend has been exhausted and it should give way for a robust recovery. As for the orders, 71% are to acquire the Dollar and 29% are to sell it against the Franc.