USD/CHF surges to down-trend resistance

While the resistance at 0.8945/29 gave up in an instant, the down-trend line in conjunction with the February high and the 55-day SMA keeps the bulls at bay for the time being. In case this supply area is breached, the rally will likely aim for the Jun low at 0.9128. Still, there is a significant possibility that USD/CHF will soon take a U-turn and thereby will continue trending downwards as it did before.

Regardless of the sharp rally in USD/CHF, the distribution between the long (73%) and short (27%) positions on this currency pair remains more or less the same. The number of buy orders, however, was subject to change, as its portion 50 pips above and below the current price diminished from 71% to 50%.