USD/CHF poised for more losses

After piercing the 20 and 55-day SMAs USD/CHF is getting ready to test the weekly and monthly pivot points at 0.8813/11. Given that the technical indicators are bearish and are strengthening and that the greenback has just received a downward impetus from touching a formidable resistance at 0.8857, there are few chances that this support is going to hold for long. The next significant demand area is assumed to be near the monthly S1.

The sentiment towards USD/CHF is even more bullish than yesterday, as the percentage of long positions increased from 70% to 72%. Meanwhile, the difference between the amounts of buy (49%) and sell (51%) orders is minimal.