© Dukascopy Bank SA
- TD Securities (based on Reuters)
Pair's Outlook
Since last Monday's appreciation above the monthly PP at 1.0888 the pair has formed a sideways trend around the 55-day SMA and weekly PP at 1.0932/13. We expect the greenback to breach the 55-day SMA and then to challenge the monthly R1 at 1.0962. Nonetheless, it is not set in stone as we have seen the pair more often fluctuating then being on a consecutive trend. Therefore, we see the pair moving towards the major level at 1.1000; however, most likely there will be some bearish corrections.
Traders' Sentiment
At the moment of writing 63% of the SWFX market participants are expecting the greenback to gain value. At the same time the gap between the buy (51%) and sell (49%) orders is narrowing.
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