© Dukascopy Bank SA
"The dollar managed to mark a number of notable, bullish technical breaks versus its major counterparts despite the fact that Wednesday's Q2 GDP release and FOMC rate decision are likely to impact the greenback specifically - regardless of the outcome."
- DailyFX (based on CNBC)
Pair's Outlook
Monday looked like a start of a bearish correction, but in the end USD/CHF did not even have to retreat to the weekly PP to regain its upward momentum. The pair is probing the weekly R1 at the moment, which is followed by a relatively tougher resistance at 0.91 (monthly and weekly R2). Once there levels are overcome, it is going to be the turn of this year's high (also weekly and monthly R3) at 0.9156 to feel the strength of the bullish momentum for itself.
Traders' Sentiment
The current distribution between the longs and shorts is the same as yesterday—74 and 26% respectively, meaning the market is strongly convinced that the Greenback is undervalued. In the meantime, the amounts of buy (54%) and sell (46%) orders are nearly equal.
© Dukascopy Bank SA