USD/CHF denied by 0.9752

USD/CHF spiked through several supports yesterday, including the one at 0.9698/95, but the selling has set in as soon as the pair approached the upward-sloping resistance line at 0.9752, forcing the price to retreat back below 0.9662. Nevertheless, this does not mean that USD/CHF will refuse to extend the rally, but is more likely to simply decelerate the pace of advancement.

SWFX traders' sentiment stays strongly bullish towards USD/CHF as the price continues to surge, since 72% of traders decided to open long positions on the currency pair. As for the orders, 76% of market participants are planning to enter buy trades at more favourable levels.