USD/CHF is bullish in the short term

For the last five months USD/CHF has been clearly trading within the bearish channel. Nevertheless, taking into account that the currency pair is approaching the down-trend support line, we may expect a deep bullish correction, with a potential surge up to 0.9294/72 in the medium term. The nearest resistance in this case will be 0.9132—the weekly pivot point.

While the U.S. Dollar is one of the most popular currencies, being bought in 57% of cases, the Swiss Franc is one of the least frequently acquired currencies, only in 26% of cases. Accordingly, a vast majority (72%) of traders are long on USD/CHF, whereas merely 28% of them expect the buck to lose in value.