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"Singapore has become more attractive than Switzerland on tax. There's no doubt about it."
- Clyde & Co. (based on Reuters)
Pair's Outlook
USD/CHF holds an upbeat momentum, thus it is likely 0.9639 will be the first target among bulls. A breakout here would pave the way to 0.9736 (May 31 High) and 0.9806 (R3 Weekly), respectively. In an alternative case, if bears overtake the initiative, 0.9531 is going to be the first support for the currency traders, though the bearish correction is likely to be confronted by 0.9422 (55-day SMA; Lower Bollinger band), where USD/CHF might retrace upwards again.
Traders' Sentiment
At the moment, Swiss Franc is still the least popular currency among its major counterparts. Therefore, the bullish sentiment of traders towards USD/CHF intensified, as 75% (70% previously) of market participants have entered the market with a buy trade and 25% (30% previously) of them have entered the market with a sell trade.
© Dukascopy Bank SA