USD/CHF steps back from 100-day SMA

The currency pair failed to climb over the 100-day SMA and the monthly R1 last Friday. Still, as long as it is supported by the Jun low at 0.9128, there is a high probability that a local peak of 0.9249 will be soon surpassed. Then, in order to confirm its long-term bullish intentions, USD/CHF will need to breach the moving average for 200 days, which is currently at 0.9307.

The bulls preserved their advantage over the bears over the weekend, they continue to take up an overwhelming majority of the market, specifically 71% of it. Moreover, there is a notable difference between the buy (65%) and sell (35%) orders placed on USD/CHF in favour of the former.