© Dukascopy Bank SA
- BNP Paribas (based on Reuters)
Pair's Outlook
The nearby resistances, such as the monthly R1 and 200-day SMA, still keep the spot price low, thus proving their significance. On the other hand, they fail to drive the exchange rate away, meaning the risk of a break-out to the upside is elevated, especially since the daily studies are largely pointing north. In the meantime, if in the end the bears gain the upper hand, the supports at 0.8865/63 and 0.8842/32 should be enough to stop the decline.
Traders' Sentiment
The distribution between the long (73%) and short (27%) positions open on USD/CHF is virtually unchanged, as the difference between them continues to fluctuate around the 10-day average. Meanwhile, the share of buy orders rose from 51% to 59%.
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