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"It is possible that the SNB intervenes in coming days or weeks, but we would not expect the same level of interventions as in 2012."
- Credit Suisse (based on CNBC)
Pair's Outlook
Since USD/CHF has just touched upon the major support at 0.9550, there is a strong case in favour of a recovery over this week. The downside is limited by the monthly pivot point, weekly S1 and respected by the market 55-day SMA. Meanwhile, there are no notable resistances until 0.9750, where the 2014 high is reinforced by the monthly R1 and weekly R2, meaning the bulls will have difficulties pushing the price higher.
Traders' Sentiment
While there were no changes in the sentiment towards the Dollar in other major currency pairs, here the percentage of long positions increased from 57 to 67%. The portion of buy orders also went up, namely from 54 to 61%.
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