USD/CHF crawls towards 0.89

Seemingly with certain difficulties, but USD/CHF nonetheless continues to grind higher in spite of the technicals that mostly give ‘sell' signals. However, it must be noted that the downside risks are constantly growing, since the pair is approaching a dense supply zone at 0.89. Accordingly, there is a low probability that the U.S. Dollar is going to stay bullish for long.

The distribution between the bulls and bears stays perfectly unchanged. Just as yesterday and a week ago the long positions take up as much as 74% of the market, leaving the owners of short positions in a distinct minority. At the same time the share of buy orders is decreasing, it dropped from 59% to 42% within a day.