USD/CHF closes above 0.9128

Yesterday USD/CHF inched higher and thereby has finally surpassed the June low, although we were expecting a pullback down to 0.9021 prior to that. And even though at the moment the technical indicators are not in favour of an up-move, the currency pair now seems to be well-positioned to add to gains. The first tough resistance the price will have to face is the monthly PP at 0.9176 followed by the 55-day SMA at 0.9195.

A substantial part (70%) of the market is planning to profit from the appreciation of the U.S. Dollar relative to the Swiss Franc, reckoning that the bearish momentum that dominated USD/CHF in September has been fully exhausted and the currently nascent recovery will develop further.