© Dukascopy Bank SA
"I think the market will sit back and wait patiently on the hopes or possibilities that a bigger coordinated action is coming. There's still a chance that that occurs in September"
- Greg Anderson, Citi (based on MarketWatch)
Pair's Outlook
Following repeated attempts of USD/CHF to commence robust recovery, resistance at 0.9809/25 allowed further appreciation of the U.S. Dollar after a pair's deep pull back down to 0.9711/0.9680. USD/CHF is expected to remain on a bullish path for now and encounter an initial resistance at 0.9923/39, while extension of a rally will require 1.0003 to be broken.
Traders' Sentiment
USD/CHF is overbought to a significant extent (71%), increasing downside risk with every new day remaining is such state. At the same time only 29% of traders deem the swissie bullish and stay short on the pair. The ratio between buy and sell orders is 54% to 46%, accordingly.
© Dukascopy Bank SA