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"What we saw today (on Friday) called off the dogs to some degree and took the heat down a notch or two from investors' concern about rate hikes."
- U.S. Bank Wealth Management (based on Reuters)
Pair's Outlook
The currency pair has confirmed the monthly R2 at 0.93 as a support level after breaching it to the upside. USD/CHF should now look for a contact with the 2013 Sep high at 0.9450, regardless of the monthly indicators. However, the U.S. Dollar will have to break the monthly R3 at 0.94 first. But if the current upward momentum is not sustained, there is a good possibility of the demand at 0.9250 preventing the dip from extending lower.
Traders' Sentiment
The SWFX has not come to a consensus yet with respect to the future of USD/CHF, being that the shares of bullish (52%) and bearish (48%) traders are nearly equal. In the meantime, 56% of all commands 100 pips from the spot are to buy the Buck.
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