USD/CHF plummets through June low

Due to a failure to cling to the support represented by the June low at 0.9129, USD/CHF plunged down to the simple moving average for 55 days. The price may potentially descend even lower—all the way to the February minimum at 0.9021, before the bulls are able to regain the control of the currency pair. Still, a rebound from the demand area between 0.9079 and 0.9047 stays a high-probability event.

The current distribution between the bullish and bearish on USD/CHF bets is exactly the same as it was yesterday, when 73% of the SWFX traders were expecting appreciation of the U.S. Dollar and 27% were expecting appreciation of the Swiss Franc instead.