USD/CHF faces strong resistance

USD/CHF stays buoyant regardless of the tough resistances located nearby, such as the monthly R1 and 200-day SMA. However, since these levels remain intact, there is a higher chance of a dip than a probability of a robust rally. Consequently, the pair's next objective is considered to be the 100-day SMA at 0.8865/63, where the moving average merges with the weekly S1. From there the rate could try to reach the monthly PP and 55-day SMA at 0.8836/32.

While the percentage of long positions in the market is more or less unchanged at 72% (71% last week), there are notably less orders to sell the U.S. Dollar. Their share dropped from 51% to 38% 50 pips from the spot price.