USD/CHF approaches 0.89

USD/CHF is currently eroding the one of the key resistance levels. If it succeeds, the next major obstacle to stand in this recovery's way is going to be a cluster at 0.89. Apart from the 10-month down-trend line, it is also formed by the monthly PP, 2012 lows and the 55-day SMA. Consequently, there is a high chance of a noticeable setback once the pair approaches this area.

SWFX traders' sentiment returned to the levels seen five days ago, when 74% of market participants were holding bullish and only 26% were holding bearish views regarding USD/CHF. Speaking of the distribution between the orders to purchase (58%) and to sell (42%) the U.S. Dollar, the skew is towards the former.