© Dukascopy Bank SA
- Credit Agricole (based on MarketWatch)
Pair's Outlook
The rally initiated last Thursday has penetrated a number of notable resistances, including Aug 2009 high at 97.81 most recently. Still, 98.73 managed to provide a reprieve from the surge by starting a sell-off that may close the upside gap. There could also be a deeper correction, down to 96.73/50 (up-trend support) or even 95.07/94.29 (Feb 11 high).
Traders' Sentiment
A substantial part (71%) of SWFX marketplace participants believe the Dollar is going to increase in value relative to the Japanese Yen, as the latter currency is the least preferred among traders—bought in only 25% of cases. Traders appear to be also willing to buy on dips, being that 75% of orders placed on the pair are the buy ones.
© Dukascopy Bank SA