© Dukascopy Bank SA
"If the U.S. economy keeps outperforming, then it shouldn't cause the U.S. dollar much damage. Monetary easing is only a short-term negative for the U.S. dollar"
- Westpac Banking Corp (based on Bloomberg)
Pair's Outlook
USD/CHF closes in on 0.9340, confrontation with which could decide pair's direction in the medium term. If 0.9340 withstands bullish impetus, the price will be anticipated to retest 0.9251/44 with a possibility to decline even further. Alternatively, breach of 0.9340 will pave the way towards 0.9406/26—potential neck line of a double bottom pattern, such scenario will speak in favour of a consequent bullish run.
Traders' Sentiment
The distribution between long and short position holders on USD/CHF is 70 to 30 per cent, respectively, meaning that the pair is substantially overbought. On the other hand, the share of buy orders is 47% against 53% of orders belonging to those who intend to sell the U.S. Dollar.
© Dukascopy Bank SA