USD/CHF to target 0.9180/60

Even though USD/CHF has successfully overcome the monthly R1 level, a fact that should have encouraged the bulls, the pair still has a hard time advancing north. Nonetheless, there remains a good chance the buck will be able to test the resistance at 0.9180/60, namely the 200-day SMA; whereas further recovery will require additional strong bullish impetus, which is absent at the moment.

The percentage of long positions continues to fluctuate around its 10-day average value of 72.5%, suggesting that most of the market participants foresee further appreciation of the U.S. Dollar. In the meantime, the share of buy orders within 50 pips from the current price surged form 31% up to 56%.