USD/CHF hesitates to move up

For the time being the support at 0.87, consisting of the major down-trend and the monthly S1, fails to cause the intended effect, namely rapid appreciation of the U.S. Dollar. Instead the technical indicators are largely giving ‘sell' signals and the weekly PP turned out to be enough to prevent USD/CHF from surging. Still, eventually the rate should overcome weakness and start a strong recovery.

The bulls have even further increased their dominance over the bears, being that now the former take up as much as 75% of the market (74% yesterday). Similarly, there is a notable advantage of buy orders (75%) over the sell ones (25%), meaning the demand for the greenback may increase.