USD/CHF nurtures losses

After a short upward correction, originated by the weekly S1, USD/CHF now seems to be ready to resume the decline, which is supposed to extend down to 0.8730, the long-term falling trend-line. Such a scenario is also implied by the technical studies, but at the same time we should be aware of a potentially tough support at 0.8785—the monthly S2.

While yesterday the traders were not willing to take advantage of a more attractive price, today the number of bulls amounts to 75% of the whole market. Speaking of the orders set 100 pips from the price, 73% of them are to buy and 27% are to sell the greenback against the Franc.