USD/CHF to extend surge

Yesterday the currency pair has confirmed a positive outlook by closing above the support at 0.9400/0.9387. This should now act as a springboard and push USD/CHF up to 0.9512, while the nearest resistances, specifically at 0.9450 and 0.9488, have a high chance of being neglected by the bulls. On the other hand, there is no consensus among the technical studies.

Over the last 24 hours positioning of traders with respect to USD/CHF was not subject to drastic changes. The bulls stay in minority, constituting 38% of the market, whereas bears take up most of it—62%. Concerning orders, 71% of them are to buy the greenback against the Swiss Franc.