USD/CHF sinks below 0.9038/25

Although we were confident that 0.9038/25 will be enough to negate any selling pressure, yesterday USD/CHF effortlessly went through this support. The price is now headed towards the two-month rising trend-line at 0.8985/71, which converges with the 55-day SMA and the weekly S1, thus increasing the probability to successfully repel a potential assault.

The distribution between the bulls and bears on USD/CHF is one the most stable one—the bullish sentiment towards the greenback is as bullish as it was yesterday (73% of positions are long). Among the orders set 100 pips from the spot, 56% are to purchase and 44% are to sell the U.S. Dollar.