USD/CHF refuses to decline

After opening with a downside gap USD/CHF changed the direction and it is now moving back to the down-trend resistance. Still, the outlook on the currency pair remains bearish for the time being, as none of the key levels have yet been breached and most of the technical indicators confirm that the risks are skewed in favour of the sell-off at the moment. But if 0.8846 is broken, the U.S. Dollar may gain bullish momentum and test the 100-day SMA at 0.89.

There was only a slight change in the distribution between the longs (73%) and shorts (27%) compared to the previous report. Concerning the orders placed 100 pips from the spot price, there is no significant difference between the buy (55%) and sell (45%) ones.