USD/CHF remains bearish

Due to the spot price's proximity to a tough support area around 0.8930 it hesitates to move south. Nonetheless, the daily and weekly studies are strongly bearish, suggesting the downward pressure is likely to persist for now and thus keep the exchange rate below the June low at 0.9128. In the longer term, on the other hand, the bullish sentiment should prevail and drive USD/CHF beyond the September high at 0.9454.

The current distribution between the long and short positions is exactly the same as last Friday, namely 72% to 28%. This means that the overwhelming majority of traders bet on the Dollar's appreciation relative to the Swiss Franc. Concerning the orders, 69% are to open even more bullish positions.