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

Thu, 24 Apr 2014 06:44:31 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
"As (U.S.) equities underperform, this leads to buying of Treasuries and yields fall. The dollar is softer as a result because it is reflecting other markets rather than internal components."
- Societe Generale (based on CNBC)


Pair's Outlook
As the resistance at 0.8857 proved to be impenetrable, the bias towards USD/CHF is fairly negative. The currency pair could ultimately give up more than two figures to arrive at 0.86 (2011 lows) before regaining the upward momentum. Still, there is a number of formidable supports that may prevent a precipitous decline. The nearest is a combination of the 20 and 55-day SMAs, followed by the weekly and monthly pivot points.

Traders' Sentiment
The portion of longs fell three percentage points, but the sentiment towards USD/CHF stays explicitly bullish, as 70% of traders expect the greenback to appreciate. The number of commands to buy the buck, in the meantime, plunged from 65% to 47%.
© Dukascopy Bank SA

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