USD/CHF moves towards 0.8797/86

USD/CHF is currently eroding the weekly S1 and is unlikely to stop here. The support zone at 0.8797/86 on the other hand, has the potential to prevent further decline—it is formed by the weekly S2 and the down-trend support line. Nevertheless, we cannot disregard a possibility that the current bearish momentum will be exhausted at 0.8755/53 or only at 0.8630.

At the moment an overwhelming majority of SWFX traders consider that the greenback is going to outperform the Swiss Franc—73% of all open positions are currently long. As for the orders placed on USD/CHF, just as yesterday 69% of them are set to enter the market with a buy trade.