© Dukascopy Bank SA
- BK Asset Management (based on CNBC)
Pair's Outlook
Instead of descending lower, down to the falling support line near 0.87, USD/CHF erased yet another portion of the losses made last Friday. If this tendency continues, the price will soon encounter a dense supply zone at 0.8900/0.8884, which is created by the 2012 lows, monthly PP and, most importantly, by the down-trend resistance line. This is likely to trigger strong selling and thus prevent the rally from extending.
Traders' Sentiment
While we observe exemplary stability in the distribution between the bulls (72%) and bears (28%), 50 pips up and down from the current trading price the share of sell orders skyrocketed from 52% up to 74%.
© Dukascopy Bank SA