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- CIBC World Markets (based on Reuters)
Pair's Outlook
The U.S. Dollar tested the 1.10 level yesterday; however, it was not able to breach it, afterwards a decline towards the weekly PP at 1.0944 followed. The monthly technical indicators are still to the upside, increasing the possibility of a bullish move. Moreover, it seems that there is reliable support levels below the 1.0950 level. Even though we expect an advance from the U.S. currency, the pair's appreciation most likely will be limited, as climbing above 1.1050 is not likely.
Traders' Sentiment
Current decline is apparently discouraging some of the traders; as compared to the yesterday's readings, the share of long positions fell from 58% to 52%.
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