USD/CHF slid below 0.8989

Although the support at 0.8989 was expected to hold, the currency pair nonetheless managed to push through the defences and close beneath it. Now USD/CHF should test the monthly S1 and may even reach the 2012 lows at 0.89. If the latter level is broken as well, one of the major down-trend support lines that formed the falling wedge pattern will become exposed.

A substantial majority of the market participants retain bullish bias with respect to USD/CHF, as 74% of positions are long and merely 26% of traders foresee depreciation of the greenback relative to the Swiss Franc. Speaking of the orders, 72% of them are set to acquire the U.S. Dollar.