© Dukascopy Bank SA
"There's no discussion, we will with utmost determination make sure that the minimum exchange rate is not questioned, either with unlimited purchases of foreign currency, and if necessary we will take further measures immediately. We have a franc that is highly valued."
- Fritz Zurbruegg, SNB Governing Board Member
Pair's Outlook
As it turned out, the 55-day SMA at 0.9390 was enough to prevent further decrease in the value of the Buck. Not only that, but USD/CHF is once again trading above the monthly PP, which is an argument in favour of a larger rally. The nearest resistance is at 0.9529 (20-day SMA), while the recently violated up-trend is at 0.9571 together with the weekly R1. However, 0.9465/40 should prove to be a reliable support first.
Traders' Sentiment
The traders are much less optimistic with respect to USD/CHF than yesterday, but they mostly expect a surge—57% of open positions are long (64% yesterday). Concerning the orders set 100 pips from the current market price, 53% are to buy and 47% are to sell.
© Dukascopy Bank SA