© Dukascopy Bank SA
- Societe Generale (based on CNBC)
Pair's Outlook
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.
Traders' Sentiment
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%.
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