© Dukascopy Bank SA
"The negative headlines in the euro zone caused the dollar to strengthen across the board. China's slowing economic growth is still a lingering concern"
- Bank of Singapore Ltd. (based on Bloomberg)
Pair's Outlook
Since the last report USD/CHF has penetrated several resistances and is about to confirm a break of 0.9906 today, above which it will aim for 0.9960/87 first, then for 1.0018/42. The nearest support is located at 0.9853, followed by 0.9795, though a key level is situated at 0.9692/88, safety of which preserves bullish outlook of the price in the long-term.
Traders' Sentiment
The portion of bulls has increased up to 62%, implying growing conviction of market participants that USD/CHF is to continue rallying. On the other hand, the pair is becoming overbought, as also evidenced by the ratio between buy and sell orders, being 29% to 71%, respectively.
© Dukascopy Bank SA