USD/CHF gains foothold at 0.9411/08

It appears a correction that was triggered after an overextended rally at 0.9482/72 has come to an end, as the currency pair is currently underpinned by a combination of the weekly pivot point and 55-day SMA. Moreover, an overwhelming majority of technical indicators on all relevant time-frames are giving ‘buy' signals. The next up-move, however, will have a hard time, since USD/CHF comes closer to 0.9516 Mar 14 high.

The share of market participants holding short positions has increased up to 72% from 69% recorded early Friday, as even more traders are now expecting extension of the dip. At the moment 69% of traders expect decline of the price. Concerning orders, 48% of them are to buy the U.S. Dollar.