© Dukascopy Bank SA
"The outlook for continued easy monetary policy from the ECB for over a year, contrasts with expectations for the Fed to begin removing policy accommodation, possibly as early as September."
- Commonwealth Foreign Exchange (based on Reuters)
Pair's Outlook
Pair's recovery has been previously interrupted by the monthly R1 at 0.967. Today we are seeing the same trend with weekly R1 at 0.973. Pair is likely, however, dip deeper than yesterday. Short term sell offs should fail at 0.967 and overall bullishness of the pair should remain. Short term rallies should be capped by the 2013 high at 0.981 for the time being.
Traders' Sentiment
Bulls took a major part of the market form the bears. Share of open long position increased by 9% and is at 62% gauge today. However, it seems that such move was made in account of the pending orders. 56% (+8%since yesterday) of all pending orders are now set to seel the greenback against the franc.
© Dukascopy Bank SA