USD/CHF jumps from monthly S1

The impact of a test of the support at 0.8712/06 was stronger than initially expected due to a catalyst in the face of the fundamental factors. Nevertheless, the key resistance at 0.8810/0.8796, formed by the major down-trend and 55-day SMA, is likely to halt the current advancement of USD/CHF and keep the outlook bearish. If this is not the case, there are also potential ceilings at 0.8832 (monthly PP) and at 0.8885/78 (weekly R2 and 100-day SMA).

The gap between the amounts of bullish (73%) and bearish (27%) traders is virtually unchanged compared to the last report. On the other hand, the number of commands to buy the buck went up from 46% to 69% 100 pips from the spot.