USD/CHF stands still

A surge seen yesterday in the morning proved to be short-lived, as the weekly PP at 0.8810 did not let USD/CHF to rally any further. The buck is now likely to target the support at 0.8744/24, after which it could probe the down-trend support line near 0.87. Then the current bearish tendency will be expected to be replaced by a bullish one, which should help the pair escape the boundaries of the falling wedge pattern.

The size of the gap between the bullish and bearish traders returned to its 10-day average, as the portion of the former grew from 70% back to 72%. There are also relatively more buy orders in the market—65% (56% yesterday).