USD/CHF thrown back by 0.8999/86

USD/CHF turned out to be unable to keep up the pace and recoiled from 0.8999/86, as suggested by some of the technical indicators, thereby delaying its arrival at 0.9162 (200-day SMA). Still, the currency pair is buoyed by the strong up-trend support line and the monthly pivot point level, meaning that the recovery may continue from here despite the setback.

As a result of the latest decline, more market participants decided to acquire the greenback—the percentage of longs rose from 70% up to 73%. Meanwhile, we may conclude that USD/CHF stepped away from a firm resistance level, being that the share of sell orders plunged from 71% down to 52%.