© Dukascopy Bank SA
- UBS (based on CNBC)
Pair's Outlook
USD/CHF has already closed the downside gap but remains hesitant to extend the gains due to a seemingly impenetrable supply zone. Apart from the 2012 lows and the falling resistance line, the area is also reinforced by the 55 and 100-day SMAs and the monthly pivot point. Moreover, most of the weekly and monthly technical studies imply a bearish outlook on the pair.
Traders' Sentiment
The gap between the long and short positions has somewhat narrowed since the previous report, but the sentiment is nonetheless strongly bullish, being that 73% of open positions are long. As for the orders, 50 pips from the spot the share of buy ones plummeted from 69% to 29%.
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