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"There is market positioning for Bernanke to deliver something today. There is a high risk of more policy easing before the end of this year"
- Commonwealth Bank of Australia (based on Bloomberg)
Pair's Outlook
Support at 0.9805 was insufficient to reignite bullish behaviour of USD/CHF, which in turn is now slowly approaching a lower level at 0.9737. In case it proves to be as fragile as prior support, area at 0.9692/69 might come into play and give the pair upward impetus. Resistances, on the other hand, are at 0.9805, 0.9873 and 0.9906/40 and seem to be safe for now.
Traders' Sentiment
Despite the Swiss Franc being the second least preferred currency after the Yen in SWFX marketplace, the share of long on USD/CHF positions is gradually diminishing and has already fallen to 58%. Moreover, bullish advancement of the pair will trigger even more sell orders (62% of all orders), which will decrease the share of bullish traders to a greater extent.
© Dukascopy Bank SA