© Dukascopy Bank SA
"There's nothing else worth investing in other than the dollar from an economic-fundamental perspective."
- Bank of Tokyo-Mitsubishi UFJ (based on Bloomberg)
Pair's Outlook
USD/CHF is already starting to feel the selling pressure, as it has just touched this year's high at 0.97. The nearest significant support area is at 0.9580/60, the current location of the weekly and monthly pivot points. If the demand there is insufficient to halt the decline, the US Dollar will likely retreat further, down to 0.9470/50, where the 55-day SMA merges with the 23.6% retracement of the May-October up-move.
Traders' Sentiment
The market stays neutral with respect to USD/CHF—53% of open positions are long and the remaining 47% are short. As for the pending orders 50 pips from the spot, most (64%) of them are to sell the Buck against the Franc.
© Dukascopy Bank SA