USD/CHF surged up to 0.9128/12

Although many of the short-term technical indicators were giving ‘sell' signals, USD/CHF was able to find support at 0.9023/17 and pierce through the resistance at 0.9078/74. Still, the rally appears to be too fragile to extend beyond the monthly pivot point, which creates a tough ceiling at 0.9128/12 together with the Jun low, weekly R1 and the 20-day SMA.

The gap between the long and short positions has widened since the last report—74% of traders are bulls and only 26% of them deem that the Swiss Franc will manage to outperform the U.S. Dollar. At the same time 65% of orders set on USD/CHF are to purchase the greenback.