© Dukascopy Bank
"With the [US] economy now operating below its capacity and many resources still underutilized, we forecast that the recovery will continue to gain strength"
- Economic Report of the PresidentIndustry outlook
USD/CHF is anticipated to consolidate ahead of 0.9080/66. After forming a base the pair should retest a strong resistance at 0.9318/31. In case the latter level is penetrated, the rally is likely to extend up to 0.9595.
Traders' sentiment
Being that the Swiss Franc is the least popular currency, the absolute majority of traders (88%) have preferred to short it against the Greenback, making the sentiment extremely bullish on USD/CHF.
Long position opened
The break of the short-term resistance line 0.9214 would pave the way for the pair to rise up to 0.9233. The clearance of the second daily resistance level would establish a new target for traders at 0.9261.
Short position opened
Bearish market players will pay attention to a near-term support at 0.9167. The downtrend continuation will establish following targets for traders: S2 at 0.9139 and S3 at 0.9120.
© Dukascopy Bank