USD/CHF backs away from 0.9128/20

The market has confirmed the presence of a notable resistance zone around the June low at 0.9128, though this is highly unlikely to stop USD/CHF from advancing towards the next target at 0.9204/0.9186. The retracement could potentially take the price down to 0.9030/21, but a move beyond this support, created by the February low, is not expected.

While yesterday 34% of the market participants reckoned that the Swiss Franc is able to appreciate relative to the greenback, today the sentiment is substantially more bearish with respect to the Franc—only 27% of the traders are short on USD/CHF. Concerning the orders—57% are to buy and 43% are to sell the Dollar.