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- CIBC World Markets (based on Reuters)
Pair's Outlook
A few days back it already seemed that the U.S. Dollar is starting to recover; however, as we know it failed to find a bullish momentum. Today the pair is starting to show some signs of bullish movements and it is in fact possible that the weekly S1 at 1.0634 could stop this long lasting downtrend that the pair is having. If the pair manages to hold its positions at current levels or to move higher then its next target level is the weekly PP and major level at 1.0694/1.0700.
Traders' Sentiment
Since the pair is continuing to slide lower the amount of pair's bulls is increasing, at the moment 75% of the SWFX market participants are long. The distribution between the buy and sell orders is also very wide—80% and 20% respectively.
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