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"Still, the data probably do little to sway the Federal Reserve from its ultra-easy monetary policy. Officials, along with investors, will be closely watching Friday's monthly report on the U.S. jobs market"
- Forex.com (based on MarketWatch)
Pair's Outlook
The downtrend resistance remained intact and initiated another dip for USD/CHF, bearishness of which is unlikely to disappear until at least 0.9245/38 is reached. Then the pair would by well-positioned to form a double bottom pattern that usually implies a reversal, which is deemed likely to occur. Technical indicators at the same time give mixed signals.
Traders' Sentiment
The portion of traders holding long positions has decreased, although the sentiment is nonetheless bullish, being that they are in a substantial majority—72%. Consequently, there are only 28% of market participants who believe the Swiss Franc is going to appreciate.
© Dukascopy Bank SA