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"The robustness of the [US] economy is still an active discussion, but there also are signs that the dollar's recent rally may have run its course"
- Bank of New Mellon (based on WSJ)
Industry outlook
USD/CHF has encountered 0.9066 while going lower and now the pair is expected to commence to recover. The immediate resistance is at 0.9179, while further levels are likely to be found at 0.9196/0.9200 and 0.9300.
Traders' sentiment
The Swiss Franc is presently the least popular currency among its major counterparts. Accordingly, 73% of those, who hold positions on USD/CHF expect the pair to rise, as they have entered the market with a buy trade.
Long position opened
Major market participants are likely to close their long positions at the key resistance levels. The primary short-term target will be reached at 0.9122. The breakout of this level will pave a way for a bullish run up to 0.9167 and then to 0.9195.
Short position opened
Bearish market players will pay attention to a near-term support at 0.9049. The downtrend continuation will establish following targets for traders: S2 at 0.9021 and S3 at 0.8977.
© Dukascopy Bank