USD/CHF approaches 0.8798/97

As expected, 0.8892/90 failed to buoy USD/CHF for long and allowed a dip down to the weekly S1 at 0.8850. The next target for the pair should be 0.8798/97, where the weekly S2 merges with the falling support line, although there is a good chance the bearish leg will extend deeper, towards a different down-trend that has been in force since the mid-July.

Even more market participants have decided to take advantage of the greenback's lower price and bet on a soon reversal of the currency pair—the percentage of long positions has grown up to 74%. Meanwhile, the share of buy orders has gone up one percentage point to 69%.