© Dukascopy Bank SA
"It's a sad reflection of the lack of volatility in FX markets that we now report 30 point moves as being newsworthy."
- Triple T Consulting (based on Reuters)
Pair's Outlook
While the beginning of this weeks does not look promising, the 200-day SMA, together with the weekly PP, should act as a support level and prevent further depreciation of the U.S. Dollar. But if the moving average does not cope with the bears, additional demand is supposed to be at 0.8921/12, where the monthly R1 merges with the weekly S1. USD/CHF's outlook is therefore bullish, with the initial target being the monthly R2 at 0.9041.
Traders' Sentiment
A dip in the exchange rate was not reflected in the sentiment towards USD/CHF, and the percentage of long positions is virtually unchanged—74% today and 73% 24 hours ago. But the share of buy orders surged, from 55% to 68%.
© Dukascopy Bank SA