USD/CHF slides towards monthly PP

After hitting the ceiling at 0.89 USD/CHF stays in a down-trend. However, there is a chance that the dip will not extend beyond the support at 0.8813/03. There the monthly PP, weekly S1 and 20-day SMA will attempt to increase demand for the U.S. Dollar and thus stop its further depreciation. Though it must be noted that most of the technical studies are bearish, suggesting that the monthly S1 at 0.8728 may eventually come into play.

SWFX market participants are using this opportunity to purchase the greenback at the lower prices, believing that USD/CHF will soon start moving north. Accordingly, the bullish towards the pair sentiment is strengthening, it went from 71% to 73%.