USD/CHF remains under selling pressure

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"There's no clear-cut direction at the moment. It's still back and forth. I think overall the long dollar position is going to win out, over time."
- Stephen Innes, OANDA (based on CNBC)

Pair's Outlook

For the time being USD/CHF is kept afloat by the three-month rising trend-line at 0.9530. If this support is breached, the rate will most likely decline to 0.9450, where the weekly S1 coincides with the monthly PP and 2013 Sep high. But if the daily studies are correct and the US Dollar closes higher, we should soon see a re-test of the main medium-term resistance created by the weekly and monthly R1 levels at 0.97.

Traders' Sentiment

The distribution between the bullish and bearish market participants is completely unchanged—62% expect the Dollar to appreciate and 38% believe the Franc is going to outperform. But the share of buy orders plunged from 68 to 50% compared to the prior report.
© Dukascopy Bank SA

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