USD/CHF rebounds from 55-day SMA

USD/CHF had to travel all the way to 0.9360 to find a significant support, which turned out to be the 55-day SMA and weekly S2. And while it may seem as a bullish sign, the upside potential of the pair in the nearest future may be limited by 0.9450, where the monthly pivot point merges with the weekly S1 and 23.6% Fibo. But even if the sell-off extends, the long-term outlook will be bullish as long as the major up-trend and 100-day SMA at 0.92 are intact.

The bullish traders continue to take up a larger portion of the market right now—60%, even though the Greenback has been recently performing poorly. At the same time, there was a large drop in the share of sell orders—from 72 to 51%.