USD/CHF challenges 0.9410/0.9385

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Quantitative easing [by the Fed] has been 60 to 70 percent priced-in in the market"
- Sumitomo Mitsui Banking Corp. (based on Bloomberg)

Pair's Outlook

Absence of a strong rebound from an uptrend support at 0.9410/0.9385 implies that the market is already not recognizing and respecting this line due to its obsolescence. Nevertheless, this could not yet be predicated. Only once USD/CHF closes below 0.9385 and the area is fully breached, the long-term outlook will be changed to negative.

Traders' Sentiment
USD/CHF remains overbought despite the pair trading within a downtrend for one and a half months, as 72% of all the positions opened on the pair are long, whereas solely 28% of them are short. As for the orders placed on the pair, 70% are to buy the Dollar and accordingly, 30% are to sell it against the Swiss Franc, which is the least popular currency along with the JPY.

© Dukascopy Bank SA

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