USD/CHF threatens intactness of 0.8913/0.8894

While in many other currency pairs the U.S. Dollar started to appreciate following a strong sell-off, USD/CHF remains under considerable pressure—it has already dipped below the Feb 2012 low and is currently eroding the support at 0.8913/0.8894. Should this zone, created by the monthly S1 and the down-trend line, give in, the pair will likely aim for the Oct 2011 low at 0.8568.

Although for the time being the Swiss Franc is outperforming the U.S. Dollar, an absolute majority (74%) of traders consider that the pair has already bottomed out and should soon change the direction. Concerning the orders, 55% are the buy and 45% are the sell ones.