USD/CHF is poised for gains

USD/CHF is slowly but surely approaching a local high at 0.9566, which has recently triggered a bearish correction that lasted until 0.9350 was reached. The dip was then reversed by the 200-day SMA. Right now the upward momentum is secured by the rising support line at 0.9501 and a confluence of weekly and monthly pivot points at 0.9478/72, apart from some of the lower zones, such as 0.9403/0.9379.

Despite the fact that the greenback is acquired more frequently than the Swiss Franc in the whole market, the portion of longs on USD/CHF is falling, currently it stands at 37%. Alternatively, the number of buy orders (54%) is increasing relatively to the amount of sell orders (46%) placed on the currency pair.