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"The Swiss National Bank's cap on the franc of 1.20 per euro remains the right policy tool for now and talk of dropping it is premature"
- Thomas Jordan, SNB Chairman (based on CNBC)
Pair's Outlook
A strong surge of USD/CHF on Nov 2 was curbed only by 0.9428/43, leaving the pair with little incentive to carry on moving higher. In case bulls continue to push the price upwards, additional resistances at 0.9460 and 0.9507/26 are ready to step in. Alternatively, formation of a down-trend should encounter supports at 0.9368/56 and 0.9322/21.
Traders' Sentiment
On average the Swiss Franc is the least preferred currency in the market, being bought in 28% of cases. Conversely, the Dollar is the most popular among its major counterparts and is acquired in 56% of cases. Consequently, bulls dominate in USD/CHF, forming 71% of all traders. Additionally, the portion of buy orders placed on the pair is 67%.
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