USD/CHF probes 0.9128/20

USD/CHF has successfully defeated the monthly R1 at 0.9091 and is currently trying to mount yet another obstacle at 0.9128/20, being that this is the level of the June low and the weekly R1. If the buying pressure does not subside here, which should be the case despite the bearish weekly technicals, the rate will be expected to move further north, where it is sure to encounter the 200-day SMA.

Nearly three out of four (73%) traders presently reckon that USD/CHF will stay on a bullish path for the foreseeable future. At the same time the difference between the amounts of buy and sell orders is insubstantial—the former constitute 47.5% and the latter—52.5% of the market.