USD/CHF fails to overcome weekly PP

USD/CHF stays below the weekly pivot point despite several attempts to breach it, whereas initially we were expecting a test of the support at 0.87 to lead to a swift rally towards the down-trend at 0.88 and a subsequent break-out to the upside. Accordingly, there is a good chance the pair will soon once again approach the falling trend-line at 0.87.

An overwhelming majority of SWFX traders believe the U.S. Dollar is going to appreciate relative to the Swiss Franc, which is evidenced by a considerably larger number of long positions (74%) as compared to the number of short ones (26%). Meanwhile, the percentage of buy orders dropped from 75% to 64%.