USD/CHF to lose ground - Technical Analysis - Dukascopy Bank

Fri, 02 Dec 2011 07:59:04 GMT
Source: Dukascopy
 
© Dukascopy
"If U.S. employment data are good, stocks are likely to rise, pushing down the dollar"
- Ueda Harlow Ltd. (based on Bloomberg)

пЃ® Industry outlook
USD/CHF has just violated support at 0.9170 which implies an increasing chance of the pair dropping down to 0.8950. Additional support is situated at 0.8730/0.8683, being 200 day ma. The initial resistance is at 0.9252, followed by 0.9331.

пЃ® Traders' sentiment
The quantity of long positions held in USD/CHF market has dropped down to 63.28%, whereas the part of short positions has gained up to 36.72%, even though the Swiss Franc is the second least popular currency among its major counterparts.

пЃ® Long position opened
FX market participants have put their take profit orders at the key resistance points of intraday trading. Some of the investors might close their deals at 0.9205 and 0.9255. The weakest level is at 0.9322.

пЃ® Short position opened
Largest investors might have placed their take profit orders at the key support levels. These levels for intraday trading are situated at 0.9088, 0.9021 and 0.8971.
© Dukascopy

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