USD/CHF breaks out of bearish channel

Being unable to penetrate the falling trend-line that creates strong demand area around the monthly S1 level, USD/CHF pushed through the 2012 February low and the down-trend resistance line. Now, given that 0.9025/21 is out of the way, the currency pair may start targeting the June low at 0.9128/20, while the subsequent objective may be the 200-day SMA.

SWFX market participants are even more bullish towards USD/CHF than they were on Friday. At the moment 74% of them are holding long positions and only 26% expect the Swiss Franc to outperform the greenback. Speaking of the orders set within 100 pips from the spot, 55% are to buy and 45% are to sell the buck.