© Dukascopy Bank SA
"It seems like people are getting excited about Europe getting out of recession, so you take the good news where it comes."
- Canadian Imperial Bank of Commerce (based on Bloomberg)
Pair's Outlook
The resistance at 1.0395/76, in the form of the monthly PP, weekly R1 and 55-day SMA on the chart, took away from the bullish momentum, forcing the currency pair to return to the weekly PP. Additional support, as demonstrated late July, is at 1.0304/1.0285, while the key level for the positive outlook is still 1.0196, the 200-day SMA and the rising trend-line.
Traders' Sentiment
The share of bullish towards the buck SWFX market participants remains the same as yesterday, namely 73%, indicating that a substantial majority of traders see higher trading levels in the future. The ratio between the buy and sell orders is 53% to 47% respectively.
© Dukascopy Bank SA