USD/CHF extends recovery from 0.8821/04

While USD/JPY is hesitant to advance at the moment, USD/CHF is running wild. Despite a variety of studies concentrated near 0.89, including the 2012 lows, 11-month down-trend line, monthly R1 and 100-day SMA, the currency pair continues gaining ground. If the resistance at 0.8937/16 is overcome in the nearest future, the 200-day SMA together with the monthly R2 at 0.9028/13 will most likely be the next target.

The portion of bulls lost three percentage points, but still an overwhelming majority of traders expect further strengthening of the greenback, specifically 70% of them. The distribution between the buy and sell orders is 58% and 42% respectively.