USD/CHF comes back to 0.8945/20

USD/CHF returned back to the February 2012 low after a sharp decline, but appears to be unable to continue the up-move beyond the resistance at 0.8945/20. If, however, this zone is breached, the currency pair will have a good possibility to re-test the down-trend resistance line at 0.8990, although we would still consider the U.S. Dollar to be inclined to lose value relative the Franc in the short to medium term.

Despite a dip down to 0.8799 an absolute majority of the SWFX market participants foresee positive performance of USD/CHF—72% of open positions are long. Concerning the orders, 100 pips above and below the spot 68% of them are to purchase the buck.