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- The Gartman Letter (based on CNBC)
Pair's Outlook
The price of the U.S. Dollar, denominated in Swiss Francs, has dropped precipitously yesterday, straight down to 0.9539, where the currency pair is presently consolidating. For now USD/CHF is likely to trade sideways, being supported by 0.9558/38, which in turn is reinforced by 0.9510/0.9497. Accordingly, we should anticipate a bounce off the support area, which should reinstate a target at 0.9662.
Traders' Sentiment
Nearly two thirds (65%) of market participants keep on holding long positions on USD/CHF, anticipating resumption of currency pair's bullish advancement, while 35% of traders believe in an alternative scenario. On the contrary, majority of orders (59%) on the pair are to buy the Swissie and the rest 41% are to short-sell the Franc.
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