USD/CHF jumps to down-trend resistance

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The tone of the [Fed] statement and the updated staff projections sounds more hawkish than expected."
- Newedge Strategy (based on MarketWatch)

Pair's Outlook

USD/CHF has finally reached the upper edge of the falling wedge, meaning it is now close to exiting the pattern and commencing a robust long-term recovery. However, for now the resistance at 0.8825 proves to be quite tough and is not letting the currency pair to advance further. Consequently, there could be a retracement back to 0.8800/0.8786 before the greenback launches yet another attack.

Traders' Sentiment

Even though a portion of the traders have become somewhat less convinced in the U.S. Dollar's bullish intentions, a distinct majority of them in the SWFX marketplace, namely 72%, are betting that the greenback is still going to outperform the Swiss Franc.
© Dukascopy Bank SA

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