© Dukascopy Bank SA
- Credit Agricole (based on Bloomberg)
Pair's Outlook
A surge seen yesterday in the morning proved to be short-lived, as the weekly PP at 0.8810 did not let USD/CHF to rally any further. The buck is now likely to target the support at 0.8744/24, after which it could probe the down-trend support line near 0.87. Then the current bearish tendency will be expected to be replaced by a bullish one, which should help the pair escape the boundaries of the falling wedge pattern.
Traders' Sentiment
The size of the gap between the bullish and bearish traders returned to its 10-day average, as the portion of the former grew from 70% back to 72%. There are also relatively more buy orders in the market—65% (56% yesterday).
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