USD/CHF forms a triple bottom

USD/CHF may have potentially formed a triple bottom figure, which is believed to be a reversal pattern. Still, a confirmation of the pair's bullish intentions, a close above 0.9417/34, is required before the outlook becomes positive, since daily and weekly studies remain bearish. Moreover, the price will have to breach a major resistance at 0.9487 to extend the surge.

According to SWFX marketplace sentiment index, USD/CHF is deemed to be bullish, since 73% of currently opened positions are long, whereas 27% of them are short. As for the orders, 61% of them are to buy the U.S. Dollar and 39% are to sell it against the Swiss Franc.