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"The market is catching its breath and waiting to see what will happen in Asia and European trade [Friday] and [awaiting] Yellen's speech."
- USForex (based on MarteWatch)
Pair's Outlook
USD/CHF had to travel all the way to 0.9360 to find a significant support, which turned out to be the 55-day SMA and weekly S2. And while it may seem as a bullish sign, the upside potential of the pair in the nearest future may be limited by 0.9450, where the monthly pivot point merges with the weekly S1 and 23.6% Fibo. But even if the sell-off extends, the long-term outlook will be bullish as long as the major up-trend and 100-day SMA at 0.92 are intact.
Traders' Sentiment
The bullish traders continue to take up a larger portion of the market right now—60%, even though the Greenback has been recently performing poorly. At the same time, there was a large drop in the share of sell orders—from 72 to 51%.
© Dukascopy Bank SA