© Dukascopy Bank SA
However, the upside risks are increasing and will peak at 111.50, since the currency pair has nearly completed yet another leg down and is approaching the lower boundary of the pattern. Accordingly, there is a high probability of an upward correction. The bulls will be expected to peter out before the resistance at 113 is hit. Meanwhile, the overall sentiment of the SWFX market is negative with respect to the Franc—71% of open positions are short.
© Dukascopy Bank SA