USD/CHF confirms resistance at 0.9176

The nearby resistances, such as the monthly PP and weekly R1, withstood an initial test and forced USD/CHF to pull back for now. Nevertheless, overall the buck is still considered to be bullish with the long-term targets at 0.96 and even higher. At the moment the pair is supported by 0.9128, but we cannot rule out a possibility of a current dip extending down to 0.9021.

Similarly to what happened in USD/JPY, more SWFX marketplace participants decided bet on the appreciation of the U.S. Dollar relative to the Franc. Accordingly, the percentage of long positions on USD/CHF grew from 70% to 72%, leaving the bears in an even more distinct minority than before.