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"Currency speculators further reduced bets in favor of the U.S. dollar in the latest week to the lowest in nearly a year"
- CNBC
Pair's Outlook
Bullish correction that started at 0.9563/52 seems to have come to an end ahead of the initial resistance at 0.9616/36 formed by the 100 day SMA and a weekly pivot point. Consequently, we expect resumption of the greenback's depreciation against the swissie with the near-term target set at 0.9505/04, while in the long run USD/CHF is capable of reaching 0.9407/0.9395.
Traders' Sentiment
USD/CHF is overbought, as 72% of positions are long and merely 28% of them are short, thus increasing the chance of a decline, which may occur once presently bullish traders decide to square off their positions. As for the orders, 45% of them are to buy the Dollar and 55% are to sell it.
© Dukascopy Bank SA