USD/CHF stops at 0.88

Despite a strong downward impetus resulting from a sell-off last week, USD/CHF rose after plummeting down to 0.88. Still, at the moment there are more arguments in favour of a deeper decline, potentially down to 0.87, namely to the falling support line. There the pair will most likely gather enough bullish momentum to challenge and then break the supply area around 0.89.

Just as in USD/JPY, the distribution between the bulls and bears in USD/CHF is perfectly unchanged. While the former take up 73% of the market, the latter are in a distinct minority—27%. Speaking of orders, the advantage of sell ones is diminishing, being that their share gave up 11 percentage points to 56%.