USD/CHF headed towards 0.8780/53

While the monthly S2 did not succeed at halting the currency pair, USD/CHF seems to have found support at 0.8856/51. Still, this level is also likely to be breached in the nearest future—the sell-off will probably persist until the price reaches 0.8780/53, though there is a significant possibility it could extend to 0.8650 before the decline is fully stopped.

At the moment three out of four traders reckon that the U.S. Dollar is going to outperform the Swiss Franc. Yesterday, on the other hand, 72% of SWFX market participants held long potions. The distribution between the buy and sell orders placed on USD/CHF is 69% to 31% respectively.