© Dukascopy Bank SA
"Market players are hesitant to build positions ahead of next week's Federal Reserve meeting, especially as officials have sent dovish signals recently."
- IG Securities (based on Reuters)
Pair's Outlook
USD/CHF built on the gains made on Tuesday and thus reached the upward-sloping trend-line it has recently breached. Consequently, there may be a sell-off from 0.9571, but shallow, since the Greenback is now targeting the key resistance at 0.97, where the 2014 high coincides with the weekly R2 and monthly R1. And while the weekly technical favour the Dollar, on a higher time-frame they portend a decline.
Traders' Sentiment
The ratio of bulls (58%) to bears (42%) remains constant, even though USD/CHF is not trading flat. In the meantime, 58% of the pending orders near the current market price are to purchase the Greenback against the Swiss Franc.
© Dukascopy Bank SA