USD/CHF erodes 0.8892/90

As suggested by the daily technical studies, USD/CHF is currently trying to push trough 0.8892/90, which, in case of a breach, will pave the way towards 0.8813/0.8797. There the currency pair will encounter a tough demand area created by the weekly S2 and the down-trend support line (in force since mid-April) that may prevent further decline of the price.

Despite the distinct downward trend of the currency pair during the past 30 days, the SWFX market participants remain strongly convinced that USD/CHF is soon about to reverse—72% of currently open positions are long. Similarly, there is a significant difference between the numbers of buy (68%) and sell (32%) orders.