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- Societe Generale (based on Reuters)
Pair's Outlook
Despite a lack of events in the economic calendar the US Dollar managed to strengthen, and now there is a good chance of the pair settling above 102.70, where the weekly PP coincides with the 55-day SMA. If this is the case, the next resistance to try and stop the advancement will be 103.50, represented by the trendline that originated at the very beginning of the year. Additional resistance is at 104.80 (100-day SMA and monthly R1), but a breach of 103.50 is likely to be followed by a recovery to July highs at 107 yen.
Traders' Sentiment
Regardless of the latest rally in the value of the Greenback positioning in the SWFX market stays exactly the same. At the moment, 68% of traders are bulls just like yesterday. As for the orders, 52% are placed to buy and 48% are placed to sell the Dollar.
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