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"We will maintain our current policy for as long as necessary. This monetary policy stance is needed to act within our mandate."
- Swiss National Bank President (based on Bloomberg)
Pair's Outlook
Pair is trading at 94 cents and although it is around 40 pips from the 200-day SMA, it seems to be the only technical level supporting the pair. After looking in to the technical indicators we could see that we should continue to see choppy sessions in the short term, but could expect noticeable weakness in the medium term.
Traders' Sentiment
Market participants became noticeably more bullish on the pair during the weekend. Number of bulls in the market increased by 8% and is at 70% level today. Similar increase can be seen in pending orders as well—52% (+6% during the weekend) are set to go long on the pair as well.
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