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- Commonwealth Foreign Exchange (based on Reuters)
Pair's Outlook
The sellers overpowered buyers yesterday and pushed the rate away from 0.91 to the weekly PP. If this support fails to keep USD/CHF afloat, the monthly pivot point at 0.9016 and possibly the up-trend at 0.90 will have to step in to prevent the price from falling lower. In an unlikely case of the latter demand area giving in as well, the 100 and 200-day SMAs at 0.8950 will be expected to come to bulls' rescue.
Traders' Sentiment
Apparently, some of the bullish SWFX traders have been discouraged by poor performance of USD/CHF recently, since their share in the market fell from 75% to 71% compared to the previous report. The buy order were also in decline—from 83% to 70%.
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