© Dukascopy Bank
"The inflation outlook provides the Fed with some wiggle room. While growth remains uneven, manufacturing activity has been resilient"
- State Street Global Markets LLC (based on Bloomberg)
Industry outlook
USD/CHF has finished its downward corrective move and is now expected to commence advancing, being supported by a strong level at 0.9364/17. At first the pair is anticipated to reach 0.9595, while being en route to 0.9774 in the longer term.
Traders' sentiment
The Swiss Franc is the least popular currency at the moment. As a result, the overwhelming majority (73%) of traders have preferred to acquire the American Dollar against the Swissie, while 27% of market participants seem to reckon otherwise.
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 0.9523, whereas R2 and R3 are situated at 0.9602 and 0.9658 accordingly.
Short position opened
Major FX traders expect the price to test the initial support level at 0.9388. The breakout of this line will pave the way for the price to test S2 at 0.9332 and S3 at 0.9253.
© Dukascopy Bank