© Dukascopy Bank
"The macro data has been mixed; it's very ambivalent at the moment. The market is in consolidation mode, hence there's a slight bias to emphasize the negative. Momentum is declining, but still, pressure for asset managers to invest tends to increase."
- TTN AG (based on Bloomberg)
Industry outlook
USD/CHF is trading near the 0.9027 support line (4-month support). In order to retain the bullish trend, the market has to close above 0.9066 at least today.
Traders' sentiment
The number of long positions has increased compared to yesterday (71.35% vs. 28.65%) as more investors are anticipating the dollar to appreciate versus the Swiss Franc and it remains least oversold currency among all 5 majors.
Long position opened
Market participants holding long positions might expect the first serious resistance level at 0.9093 today. A breach of this level will expose further resistance levels at 0.9123 and 0.9154 respectively.
Short position opened
Bearish market players might face the first short-term support line at 0.9032. If the downward momentum continues, it might set 0.9001 and 0.8971 as the next targets for today.
© Dukascopy Bank