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"It's [USD] a good short-term and long-term play. The U.S. economy is looking much better than the other economies of the world. Europe has a possibility of a bad nick with the Greek situation"
- FX Concepts LLC (based on Bloomberg)
Pair's Outlook
The price has disregarded a downtrend resistance at 0.9340/52 and soared up to 0.9406/46, thus forming a double bottom pattern, which implies a robust rally once the neckline is penetrated. The initial goal would then be at 0.9493/0.9503, while continuation of a surge could push the pair up to 0.9569/89. On the other hand, indicators give mixed signals.
Traders' Sentiment
Bulls have expanded their dominance in USD/CHF currency couple, as the Swiss Franc is the second least preferred currency after the Yen. Right now 73% of positions are long and only 27% are short, making the pair overbought. At the same time 51% of orders are buy and 49% are sell.
© Dukascopy Bank SA