© Dukascopy Bank SA
"The ISM [Institute for Supply Management] reflects underlying strength in the U.S. economy."
- TD Securities (based on CNBC)
Pair's Outlook
The pair retreated some 30 pips after an impressive bullish run from Jul 15, but managed to stabilise before falling down to 0.90. Given that the near-term indicators are bullish, soon we are likely to see a re-test of 0.91. The 2014 high at 0.9156 should become the subsequent objective. If the latter resistance is overcome as well, the bulls will be expected to push the rate towards 0.9251, the current location of the 2013 Nov 7 high and monthly R2.
Traders' Sentiment
Similarly to the situation in USD/JPY, here the bulls also dominate the market by taking up 72% of it, which is only slightly below the 10-day average of 73%. As for the orders, as many as 67% of them are to purchase the Dollar against the Franc.
© Dukascopy Bank SA