© Dukascopy Bank SA
"Investors went another session without finding much drive to sustain the recent risk rally. That's worked in favor of safer assets like the dollar"
- Western Union Co. (based on Bloomberg)
Pair's Outlook
Market respected an uptrend support at 0.9701 and pushed USD/CHF higher, towards an interim level at 0.9793. Additional resistance is at 0.9825, but is viewed too weak to negate an upward impetus the pair had received. Medium-term target is at 0.9953/1.0003, though technical indicators largely remain quiet at the moment and do not support bullish outlook.
Traders' Sentiment
The Swiss Franc is the second least frequently bought currency (in 29% of cases) after the Japanese Yen among major counterparts. Accordingly, 74% of traders stay bullish on USD/CHF, while merely 26% of them hold short positions. As for the orders, 60% of them are to buy the swissie, while the rest are to sell it.
© Dukascopy Bank SA