USD/CHF fails to challenge 0.89

Regardless of breaching an important down-trend resistance line, USD/CHF seems to be lacking upward momentum to reach a key supply area near 0.89. For now the greenback is supported by 0.88 and this level should stay whole for the near-term outlook to remain bullish. Otherwise the exchange rate is more likely to follow a path implied by the technical indicators, namely the one that leads south.

A small dip in buck's price made it more attractive, as even more market participants decided to bet on its appreciation in the future. Now as many as 74% of currently open positions are long. Concerning the orders, 100 pips from the spot 59% of traders are planning to purchase the U.S. Dollar against the Swiss Franc.