© Dukascopy Bank
"If risk aversion rises then investors prefer the franc over the euro"
- Commerzbank AG (based on Bloomberg)
пЃ® Industry outlook
From above the pair is capped by tough resistances situated at 0.9331, 0.9341 and 0.9370. Alternatively, from below it is supported by levels at 0.9176, 0.9040 and 0.8950. Therefore for now USD/CHF is likely to continue trading sideways.
пЃ® Traders' sentiment
At the moment bullish FX market participants have an upper hand over bearish ones. The largest part (70.74%) is composed of long positions, whereas short trades are in distinct minority with only 29.26% of the market.
пЃ® Long position opened
Investors should pay attention to the identified with the help of the standard pivot point method resistance zones, as they might be useful during intraday trading. The initial resistance level is at the level of 0.9307, whereas R2 and R3 are situated at 0.9356 and 0.9421 accordingly.
пЃ® Short position opened
Major dealers are planning to partially close their short positions if the pair touches upon the first support level at 0.9193. However, if the bearish impetus proves to be strong enough, some of the positions could be squared off at S2 of 0.9128 and at S3 of 0.9079.
© Dukascopy Bank