© Dukascopy Bank
"Currencies that are paired with the U.S. dollar are going to stay within defined ranges for the next few months until we get more confirmation on what the Fed plans to do this year"
- RJO FUTURES (based on CNBC)
Industry outlook
While supports at 0.9140, 0.9114 and 0.9066 prevent the currency couple from losing ground, USD/CHF is likely to carry on recovering. On the way towards 0.9595 it should encounter 0.9179, 0.9249 and 0.9263.
Traders' sentiment
The share of long positions has decreased considerably and is now 56%. On the other hand, short positions presently form 44% of the total amount of trades on USD/CHF.
Long position opened
The initial resistance level for the pair is 0.9197. If the price continues increasing, the investors will hold longs until the pair climbs up to 0.9236 or 0.9290.
Short position opened
Major market participants with short positions will hold their deals until the price slides down to the initial support level at 0.9104. If the price continues the downtrend, the dealers might wait for the price to depreciate down to 0.9050 or 0.9011.
© Dukascopy Bank