USD/CHF is rejected by 0.9328 - Technical Analysis - Dukascopy Bank

Fri, 21 Sep 2012 08:19:10 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
"The Fed's action provides substantial liquidity (our economists expect QE3 to be larger than QE1 or QE2) which should drive the U.S. dollar lower over the months ahead"
- BNP Paribas (based on MarketWatch)

Pair's Outlook
USD/CHF did not reach out for 0.9400/39, but faltered at 0.9328, from where it may recommence the decline started on July 25. The initial target lies at 0.9253, whereas in the long run the pair is likely to aim for 0.8930/28—this year's lowest value, since this is the path of the least resistance at the moment in the light of absence of any notable supports.

Traders' Sentiment
Even though the pair has been in a downtrend for nearly two months, the amount of long positions (71%) by far outnumbers the amount of short ones (29%), meaning that the pair is still overbought. Distribution amidst buy and sell orders (77% to 23%) speaks in support of a surge as well.
© Dukascopy Bank SA

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