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"Should we expect too much from the leaders' meeting? Other than warm words about consolidation and initiatives, which may sound substantive but are likely to be modest, we maintain a skeptical outlook"
- CIBC (based on MarketWatch)
Pair's Outlook
USD/CHF struggles at 0.9600, but nevertheless appears to be able to climb over it and then aim for higher levels, which are located at 0.9639/58 and at 0.9699. Bullish advancement, however, may be postponed, since short-term technical studies point to the downside, even though long-term outlook remains positive. Supports at 0.9552/31 and at 0.9503/0.9497 should limit dips.
Traders' Sentiment
The Swiss Franc is presently the second least preferred currency among its major peers after the Japanese Yen, being bought only in 28% of cases. This sentiment is reflected on USD/CHF as well, since 70% of positions there are long and merely 30% are short. Majority of orders, however, are sell orders, while buy orders are in distinct minority, constituting 38% of the overall amount.
© Dukascopy Bank SA