USD/CHF's rally denied by 0.9344/42

A strong surge was stopped by the weekly pivot point and the 20-day SMA, and now the currency pair is headed towards some of the lower levels. The initial support is at 0.9327/17, mainly formed by the 100 and 200-day SMA. While the next zone, as it turns out, is located around 0.9266. However, technical indicators do not favour a bearish scenario, they give a weak but nevertheless bullish signal.

Even more bulls have entered the market, as their share, currently 74%, has moved up by four percentage points, following a sudden surge yesterday. At the same time the gap between the buy (70%) and sell (30%) orders has widened.