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"The markets are leaning toward risk-on as you see stocks trading higher. That's leading to dollar weakness across the board"
- IG Markets Securities Ltd. (based on Bloomberg)
Pair's Outlook
USD/CHF has bounced off 0.9639/59 and is presently heading towards an initial support at 0.9553/31, which, in conjunction with a tough area at 0.9503/0.9497, should prevent the currency pair from falling and dipping as low as 0.9417 or 0.9448/46. The long-term outlook for the price remains positive, as monthly indicators point out.
Traders' Sentiment
Being that the Swiss Franc is the least popular currency among traders, sentiment towards USD/CHF is strongly bullish. An overwhelming majority of market participants (68%) stay long on the pair, whereas 32% remain short on it. Buy orders, on the other hand, constitute 44% of the total amount of commands, while sell orders form 56% of it.
© Dukascopy Bank SA