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"If the dollar is rallying against the franc, then it shows the currency market is meeting a higher hurdle for dollar strength compared with greenback moves against the euro."
- UBS (based on The Financial times)
Pair's Outlook
Pair depreciated by almost 100 pips in the beginning of the week, but found support at weekly pivot (S1) at 0.9427 and managed not only to recover these losses in the single day, but advance above 0.95 mark. However, looking at technical indicators it seems that this momentum is wearing of and pair might have some trouble breaching the cluster of resistance levels at 0.957/61.
Traders' Sentiment
For the past 3 trading days market sentiment remains stable and is in favour for the bear (64%). This stability can be seen in distribution of pending orders as well , since they are almost equally divided between the long and short traders.
© Dukascopy Bank SA