© Dukascopy Bank SA
- HSBC Holdings Plc (based on Bloomberg)
Pair's Outlook
The greenback started the week with breaking the monthly PP at 1.0888, since then it is trading between the weekly R2 (1.0915) and R3 (1.0944). It seems that the U.S. Dollar is rather well supported by weekly R2 together with the major level at 1.09. The daily and weekly technicals also support a sideways movement. If the weekly R3 will be broken then the U.S. Dollar will face one of the key resistances (the monthly R1) at 1.0962.
Traders' Sentiment
After a brief dip (down to 62%) the percentage of long positions returned to its more familiar level—66%, meaning the sentiment is likely to stay bullish for some time. At the same time the gap between the buy (41%) and sell (59%) orders is widening.
© Dukascopy Bank SA