USD/CHF gives up recent gains

As soon as USD/CHF approached the supply area at 0.8923/16 yesterday, created by the falling resistance line, monthly S1 and several other studies, it came under strong selling pressure that forced the pair to surrender all of Wednesday's gains. Accordingly, the U.S. Dollar will probably carry on ceding ground until it reaches a formidable support, such as the one at 0.8785/71 or 0.8730.

While the difference between the numbers of bullish (71%) and bearish (29%) traders remains perfectly unchanged compared to the figures in the previous report, there has been a substantial growth in buy orders. Up and down 100 pips from the current trading price their portion surged from 69% up to 76%.