© Dukascopy Bank SA
- Credit Agricole (based on Reuters)
Pair's Outlook
USD/CHF, regardless of the initial rebound, in the end disregarded the support at 0.9021/17 and is moving further south at the moment. The next obstacle in case the sell-off lasts, will be 0.8975/71, the current location of the weekly S2 and monthly S1. Should this area be broken as well, the Feb 2012 low at 0.8930/14 is highly likely to become the next target.
Traders' Sentiment
Until now the strongly bullish sentiment towards the U.S. Dollar stayed resilient to the down-trend in USD/CHF. Nevertheless, just recently the share of longs has decreased from 75% to 71%, even though there is a notable difference between the numbers of buy (72%) and sell (28%) orders placed on the pair.
© Dukascopy Bank SA