USD/CHF gathers bullish momentum

USD/CHF effortlessly pierced through the resistance at 0.8937/18 last week, which initially was supposed to keep the bulls at bay. As a result, the outlook now appears to be fairly positive for the greenback, regardless of the ‘sell' signals given by the technical indicators. The immediate resistance is at 0.8982/81, created by the weekly and monthly R1 levels, but the price will have to climb over 0.90 if it wishes to re-test 0.9156—this year's highest mark.

Similarly to the situation in USD/JPY, a substantial portion (73%) of the market participants are presently holding long positions, meaning the sentiment is strongly bullish. At the same time, the percentage of the buy orders fell, from 67% to 57%.