USD/CHF challenges 0.9033/29

Despite prevalence of ‘sell' signals on the weekly and monthly charts, the support at 0.8945 proved to be a tough level, as it prevented an extension of a dip and managed to restore a bullish momentum. Right now the pair is trying to overcome the 100-day SMA at 0.9029, and, if it is successful, the only significant resistance left until the 200-day SMA will be the monthly R1 at 0.9091.

The distribution between the bullish and bearish market participants is perfectly unchanged compared to yesterday's readings, being that 73% of positions are long and the remaining 27% are short. Meanwhile, the difference between the amounts of buy (55%) and sell (45%) orders is insignificant.