USD/CHF stalls at 0.8928/24

After USD/CHF had broken the resistance near 0.89 (down-trend line and 2012 lows), the pair seems to have lost its bullish momentum. The monthly R1 and 100-day SMA at 0.8928/24 now act as a ceiling and may force the price to return to the levels seen mid-March. On the other hand, should the rate continue advancement regardless of the bearish technical studies, the key resistance area at 0.9032/12 will most likely become the next target.

Even though the U.S. Dollar is getting more expensive to acquire, the number of traders willing to purchase it is increasing. At the moment the long positions take up as much as 73% of the market (70% last Friday).