USD/CHF takes break at weekly S1

An encounter with the weekly S1 helped USD/CHF to pare some of the recent losses, but the general tendency of the currency pair is still seen as downward. Once 0.8744/41 is breached, the U.S. Dollar will be expected to challenge 0.8712/06, namely the weekly S2 and monthly S1. Such a scenario is supported by the technical indicators, which are particularly bearish on the shorter-term time-frames, but less so on the monthly chart.

The shares of the long and short positions remain unchanged—74% and 26% respectively, meaning the market is strongly bullish with respect to USD/CHF. Concerning the orders, 46% and to purchase and 54% are to sell the greenback against the Franc.