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- James Bullard, President of the Federal Reserve Bank of St. Louis (based on Bloomberg)
Pair's Outlook
Now, given that one of the important supports gave in, namely the one at 0.8930, there is a good chance USD/CHF will descend through the nearest supports down to 0.8780/53. There the falling line that has been respected by the market since August of the previous year (connects peaks of 2012 and troughs of 2013) merges with the monthly S3 and weekly S2, thus creating tough support.
Traders' Sentiment
Bullish on the U.S. Dollar traders continue to take up a substantial majority of the market, specifically 72% of it, reckoning that USD/CHF is about to turn around. This percentage is unlikely to drop even if the price falls lower, taking into account that 70% of all the orders are to buy the greenback.
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