USD/CHF respects 0.8851/33

Although USD/CHF seems to be well-supported by 0.8851/33 right now, the risks are deemed to be heavily skewed to the downside. The Dollar is expected to stay bid at least until the price approaches 0.8780/53, but the exchange rate may potentially decline to 0.8650, where a more recent (in force since late July) falling trend-line is creating demand area.

Even though the percentage of long positions fell by 4%, an overwhelming majority (71%) of market participants are still betting on outperformance of the greenback relative to the Swiss Franc, which in turn is one of the least preferred currencies among the traders.