USD/CHF to stabilise before violating 0.8945/28

Just recently USD/CHF has broken out of the falling wedge pattern that has been developing throughout the past year, meaning that the pair's long-term perspectives are strongly bullish. However, at the moment the buck is depreciating and may fall even deeper, to 0.8945/28, before commencing a robust recovery. Then, neither the monthly R1 at 0.9091 nor the 200-day SMA at 0.9198 will be expected to halt the upward momentum.

Although the gap narrowed, there are nevertheless much more bulls in the market—they constitute 71% of it. Concerning the orders around the current price, 65% of them are to purchase the U.S. Dollar against the Swiss Franc.