USD/CHF stays under pressure

While the U.S. Dollar has no trouble appreciating relative to the Yen, the Swiss Franc does not seem to be willing to underperform. Being that four months of a strong sell-off in USD/CHF should have come to an end when the pair touched 0.8930 last year, the current decline should be viewed as a bearish correction of a nascent long-term recovery.

Apparently, some of the traders decided to exploit the fact that the greenback became cheaper and entered long positions at more attractive levels. Accordingly, the portion of bulls in the market has increased up to 73% from 68%. Meanwhile, the percentage of buy orders fell to 65%.