USD/CHF rebounds from monthly R1

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Risk appetite is improving and there is less demand for the safe-haven Swiss franc."
- Credit Suisse (based on Reuters)

Pair's Outlook

After a 200 pip rally this week pair met first major resistance at monthly pivot (R1) at 0.932. It seems to be unreachable level for the pair today as well—it slipped almost 30 pips already and at the moment is being supported only by 100-day SMA at 0.9308. It seems that pair is likely to slip below this level and although a dip to 55-day SMA at 0.9251 seems unlikely it should be taken in to consideration. 

Traders' Sentiment

13% of long traders have closed their positions and at the moment they account for 75% of market participants. However, distribution of pending orders remained unchanged—56% of long versus 44% of short.

© Dukascopy Bank SA

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