USD/CHF approaches apex of triangle

USD/CHF is currently testing a newly formed rising support line, which may potentially push the price back to 0.8832/10. Nevertheless, the outlook will stay bearish, being that this resistance is considered to be a ceiling in the near future, as it consists of the monthly PP, 55-day SMA and falling trend-line. Accordingly, the support at 0.8786 is expected to be eventually breached, thus exposing the weekly S1 at 0.8764/58.

The gap between the bulls and bears has somewhat narrowed since the last report, but the advantage of the former remains indisputable, as they take up as much as 71% of the market, leaving the latter in a distinct minority with only 29%.