© Dukascopy Bank
"That the SNB have unlimited supply of francs makes their commitment credible as long as they don't feel it is having negative economic effects"
- Lloyds (based on Bloomberg)
Industry outlook
After being repelled by a tough resistance situated at 0.9595, USD/CHF has plummeted down to 0.9317. To overthrow bearish bias toward the pair, it will have to reach 0.9415 and then attempt to overcome 0.9595 once more.Traders' sentiment
Since the American Dollar is the most popular currency and the Swiss Franc is the least popular at the moment, USD/CHF pair is being overbought. 78% of positions are long, whereas 22% of them are short.
Long position opened
FX market participants have put their take profit orders at the key resistance points of intraday trading. Some of the investors might close their deals at 0.9381 and 0.9444. The highest level is at 0.9476.
Short position opened
A part of the brokers will close their short positions near initial support level at 0.9286. In case of downtrend continuation, the pair might rebound from the S2 at 0.9254 or S3 at 0.9191.
© Dukascopy Bank