USD/CHF struggles at 0.9204/0.9179

USD/CHF quickly covered the distance between 0.9130/28 and 0.9204/0.9179 yesterday, but today appears to be having difficulties at the resistance that is formed by the weekly PP, monthly R1 and 100-day SMA. Still, five out of eight technical indicators on a daily chart are bullish, meaning that this barricade should be eventually breached, thus allowing for a rally up to the 200-day SMA at 0.9310.

Perhaps a little less stable but a situation in USD/CHF is similar to the one observed in USD/JPY, namely complete dominance of long positions in the market. Presently 72% of traders consider this currency pair to have upward potential, whereas merely 28% reckon that the Swiss Franc will outperform the greenback.