USD/CHF held by monthly PP

It took the combined strength of monthly pivot point, long-term down-trend support and the 2012 lows to cancel the downward momentum USD/CHF gained while being in proximity to the 200-day SMA. And even though the indicators are slightly more bearish than bullish, we may already suppose that the price is getting ready to commence a recovery from the current trading levels.

Although the bullish sentiment with respect to the U.S. Dollar seems to be gradually weakening, as the current share of longs is lower than its 10-day average, the share of bulls (70%) is nonetheless significantly larger than the share of bears (30%). Concerning the orders, 57% are to purchase the buck against the Franc.