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"Given how much U.S. yields have fallen, I doubt that you can chase the dollar higher that aggressively although there may be some short-covering."
- Satoshi Okagawa, Sumitomo Mitsui Banking Corporation (based on CNBC)
Pair's Outlook
USD/CHF has been staying bullish without any corrections for almost a whole month. Now it is facing the weekly R1, which is also likely to fall victim to the current upward momentum. If this tendency persists, the U.S. Dollar may soon re-challenge the resistance at 0.9156, which proved to be impenetrable last quarter. Still, there is a number of formidable obstacles overhead that may delay arrival of the pair to this year's high, such as the levels at 0.9041 and 0.9130.
Traders' Sentiment
The distribution between the long (74%) and short (26%) positions is largely unchanged, as the former take up three times as much space as the latter. Meanwhile, 100 pips from the spot the gap between the buy (53%) and sell (47%) orders narrowed to a minimal value.
© Dukascopy Bank SA