© Dukascopy Bank SA
- BNP Paribas (based on CNBC)
Pair's Outlook
Although an attempt to overcome the monthly S1 resulted in a strong sell-off, the decline seems to have been stopped by the support at 0.8936/29. Given that this demand zone is created by the 2012 Feb low, weekly PP and the 20-day SMA, we should not rule out emergence of a rally through 0.8975 up to 0.9030/21, but further advancement is highly unlikely.
Traders' Sentiment
Although there are now more bearish technical indicators on the daily chart than 24 hours ago, the sentiment remains strongly bullish towards USD/CHF—71% of positions are long. At the same time the difference between the buy and sell orders soared up to 88% from 46% compared to the previous report.
© Dukascopy Bank SA