© Dukascopy Bank SA
"The dollar rally that has remained elusive for all of this year is starting to gather some momentum."
- Commonwealth Foreign Exchange (based on Bloomberg)
Pair's Outlook
Although many of the daily and weekly studies were bullish, a rally above 0.9150 turned out to be unsustainable, and USD/CHF is currently falling. The nearest point where there is likely to be a change of command from bears to bulls is at 0.91, a level that proved to be significant earlier this year. In the meantime, the main support is at 0.90, where the four-month up-trend merges with the monthly PP and 55-day SMA.
Traders' Sentiment
There is presently only a small difference between the long and short positions, but still in favour of the former—14 percentage points. Concerning the orders, 55% of them are to acquire and 45% are to sell the Buck against the Franc.
© Dukascopy Bank SA