USD/CHF respected 0.9204/.9186

Now that USD/CHF has confirmed the area at 0.9204/0.9186 (monthly R1 and 100-day SMA) as the new support, the U.S. Dollar is well-positioned to continue the advance from 0.8890 en route to the 200-day SMA at 0.9316. There the currency pair's readiness to travel to the March high at 0.9567 will be tested, though we must note the absence of reassurance that the pair will stay bullish for a prolonged period of time from the technicals.

Today the sentiment towards USD/CHF is more bullish than yesterday—the share of long positions increased from 63% to 66% overnight. As for the orders placed on the currency pair, most of them (65%) are set to enter the market with a buy trade when triggered.