USD/CHF faces 0.9467/30

Support zone at 0.9467/30 confirmed its topicality for the market, but in the end, judging by the recent price action, does not look solid enough to change USD/CHF's direction, a scenario mentioned yesterday. Accordingly, the currency pair may need to come lower, down to the 200-day SMA, in order to receive bullish impetus and finally start to recover.

There are now even more people expecting USD/CHF to find a bottom soon and thereby cease to decline. At the moment 63% of traders are holding long positions, 37% of the market remains bearish. The ratio between the buy and sell orders is perfectly unchanged, the former take up 59%, as yesterday.