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"The Swiss central bank should defend its 1.20 francs per euro limit as the pressure on the Swiss currency to appreciate will increase"
- Johann Schneider-Ammann, Swiss Economy Minister (based on Bloomberg)
Pair's Outlook
Level at 0.9690/92 was unable to provide sufficient resistance in order to halt the pair, which therefore is now aiming for 0.9896/0.9906, even though USD/CHF will have to cover long distance from the current price. Near-term dips should be limited by support at 0.9692/90, while bullish outlook will be preserved as long as 0.9487/71 stays intact.
Traders' Sentiment
The difference between the numbers of long (68%) and short (32%)on the currency pair traders has widened up to 36%, meaning elevated conviction of market participants in further appreciation of the U.S. Dollar against the Swiss Franc. However, being that sell orders form 66% of the total amount, likelihood of USD/CHF surging for a prolonged period of time is decreased.
© Dukascopy Bank SA