© Dukascopy Bank
"People are going to be quite cautious in terms of trading events. It's going to be a quiet week"
- Deutsche Bank AG (based on Bloomberg)
пЃ® Industry outlook
Correction lower might extend even lower while USD/CHF is being capped by a resistance line at 0.9399. After breaching support at 0.9242, 0.9173 will become the next target. Even though 0.9056 is unlikely to be broken since it is a cluster of supports, a dip below it cannot be ruled out.
пЃ® Traders' sentiment
The situation in USD/CHF is unchanged since the last report, as the market is continuously dominated by long positions which make up 79.5% of the total amount, while shorts compose 20.5% of it.
пЃ® Long position opened
The break of the short-term resistance line 0.9367 would pave the way for the pair to rise up to 0.9394. The clearance of the second daily resistance level would establish a new target for traders at 0.9412.
пЃ® Short position opened
In case of dips, another rally may start after rebounding from the initial support level at 0.9322. However, assuming that the bearish momentum does not weaken, investors will pay attention to the lower support levels at 0.9304 and 0.9277.
© Dukascopy Bank