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"The market had likely positioned for a hawkish tone to the minutes given the upward revisions to Fed rate forecasts."
- Barclays (based on CNBC)
Pair's Outlook
The monthly pivot point and 200-day SMA have once again proven to be of no particular interest to the market, as both of them were violated yesterday. Now it is 100-day SMA's job to stop the pair, as it did early April and late June. In the meantime, the technical studies suggest an elevated chance of a prolonged decline from the current trading levels—four out of eight indicators on the monthly chart are pointing downwards.
Traders' Sentiment
An overwhelming majority of the SWFX market participants, namely 74% of them, are planning to profit from an increase in the value of the greenback relative to the Franc. And the buying pressure may even intensify, since 65% of orders are set to purchase the buck.
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