USD/CHF trades above 0.9050/35

USD/CHF fell down to the 100-day after a test of 0.9096/91, and now we would expect the exchange rate to resume the recovery, even though the weekly signals are still not reassuring at the moment. The next important objective for the currency pair is 0.9186/72, the current location of the 200-day SMA, before it tries to reach its medium-term goal at 0.94.

Despite the narrower gap between the amounts of bulls and bears compared to the distribution seen yesterday, the difference remains quite substantial—42 percentage points. In the interim, the share of the buy orders placed on USD/CHF 50 pips from the spot slid from 79% down to 58%.