USD/CHF hovers at weekly S1

Bullish sentiments have failed lately, since the U.S. Dollar depreciates precipitously, breaking through major supports. The price touched the weekly R1 at 0.9773 three days ago and that was the last bullish move. Today USD/CHF tests the weekly S1 at 0.9525 and most probably will continue its trip south with the closest resistance at 0.9485, where the monthly R1 intersects the Bollinger band and 55-day SMA.

Even though the price is falling rapidly, bears continue to hold a 61% share of positions in the market. Pending orders segment is bullish with 58% of orders waiting to buy the buck against the Swiss Franc.