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"In the absence of new impulses out of Switzerland - the SNB's latest Monetary Policy Assessment (MP) lived up to everybody's expectations - FX markets are likely to concentrate on U.S. dollar crosses."
- UBS (based on The Economic Times)
Pair's Outlook
Pair started the week above the 200-day SMA, but did not manage to stay above it. Current developments suggest that pair might stay depressed above it for some time more. In the medium term, however, bulls should send the pair higher. Consolidation at 0.95, where expectations of major market participants could be found, is rather likely. In case of an unexpected sell off pair might dip to 0.92, but should find strong enough support there.
Traders' Sentiment
The probability of further advancement of the Swiss franc-greenback cross seems to be decreasing since amount of bulls in the market decreased by 3% since yesterday. At the moment they account for 56% of market participants. However, amount of pending long orders increased by the same 3% (61% in total).
© Dukascopy Bank SA