USD/CHF wavers in face of 0.89

USD/CHF has already closed the downside gap but remains hesitant to extend the gains due to a seemingly impenetrable supply zone. Apart from the 2012 lows and the falling resistance line, the area is also reinforced by the 55 and 100-day SMAs and the monthly pivot point. Moreover, most of the weekly and monthly technical studies imply a bearish outlook on the pair.

The gap between the long and short positions has somewhat narrowed since the previous report, but the sentiment is nonetheless strongly bullish, being that 73% of open positions are long. As for the orders, 50 pips from the spot the share of buy ones plummeted from 69% to 29%.