USD/CHF gravitates towards 0.8930

Although currently the daily technical indicators are less bearish than yesterday, some are even giving ‘buy' signals, a breach of the support at 0.9021/03 is still a viable scenario. The currency pair is likely to approach the 2012 February lows at 0.8930 before it stages a reversal and starts an advance towards the parity, which is the long-term goal, as suggested by the banks' forecasts.

Apparently, some of the market participants decided to exploit depreciation of the U.S. Dollar; accordingly, the percentage of long positions expanded and now amounts to 73%. As for the pending orders, 71% of them are to acquire the buck and 29% are to sell it against the Franc.