USD/CHF shoots up to 0.8958/44

An assumption that USD/CHF will descend down to 0.8798/97 prior to a robust recovery turned out to be invalid—the rate has already penetrated several resistances and is currently testing 0.8958/44. If the bullish momentum is preserved, the monthly S1 may also fall victim to the rally, whereas the resistance at 0.9038/21 should prove to be much harder to breach.

Bullish with respect to USD/CHF sentiment of SWFX traders remains as strong as yesterday—72% of all open positions are long. At the same time the share of orders set to purchase the U.S. Dollar has gone up by nine percentage points to 78% since the previous report.