© Dukascopy Bank SA
- Canadian Imperial Bank of Commerce (based on Bloomberg)
Pair's Outlook
The 18-nation currency has prolonged its decline today, it fell to as low as the major level at 145; although, it managed to recover above the monthly PP at 145.76. Nonetheless, the daily technical studies has changed from bullish to neutral, thus it is pointing out that the bearishness towards the pair is starting to fade. If the previously mentioned support does not hold then the pair could dip towards the weekly S2 at 144.76.
Traders' Sentiment
As the pair continues to decline the amount of bearish traders is decreasing; however, they are still in majority as 55% of the SWFX traders' have opened short positions. The distribution between the buy and sell orders is also quite stable—45% and 55% respectively.
© Dukascopy Bank SA