USD/CHF is bearish

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Keep in mind that the third-quarter rebound is not as robust as some had hoped so far and that there is a lot of data that will come out before the September [Fed] meeting"
- BNY Mellon (based on CNBC)

Pair's Outlook

As expected in the previous report, an accelerated downtrend resistance line in conjunction with the 100 day SMA and weekly PP rejected USD/CHF, sending it towards 0.9518/04, below which lies 0.9407/0.9395—support that preserves long-term bullish bias as long as it remains intact. However, we may not yet rule out a possibility of a move lower, to a support zone at 0.9276/38.

Traders' Sentiment
Traders' sentiment is extremely bullish at the moment, since 73% of market participants stay long on the pair, signifying that the currency couple is overbought and may turn out to be a subject to a further decline in near future. Concerning orders, 51% of them are to buy the U.S. Dollar and 49% are to sell it against the Swiss Franc.

© Dukascopy Bank SA

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