USD/CHF edges lower along the Bollinger band

USD/CHF depreciated noticeably yesterday, since the price slipped from the 100-day SMA at 0.9299 to the Bollinger band at 0.9208. The closest support level is the weekly S2 at 0.9194 and the next one is the monthly S3 at 0.9164. Even though the price is beneath the major SMAs and has been traded along the lower Bollinger band for the whole April, but a possibility of further depreciation gets lower, as the RSI has a value of 33 and is very close to an oversold zone.

Distribution of opened positions is skewed towards the bullish side, as 70% of market participants anticipate emergence of a rally. Pending orders market is close to an equilibrium, as 52% of orders are the sell ones.