© Dukascopy Bank
"Risk assets such as the Aussie dollar and stocks are higher, while the dollar and yen are being sold"
- Mitsubishi UFJ Morgan Stanley Securities Co. (based on Bloomberg)
Industry outlook
Being that a strong support at 0.9367/17 will repel any downward movements, USD/CHF is anticipated to recommence recovering. Initially, the pair should target 0.9565, then 0.9744/84 and 0.9950.
Traders' sentiment
The distinct majority of traders have preferred to acquire the American Dollar against the Swiss Franc instead of shorting the currency couple. 76% of traders are presently staying long, while 24% of them short sold USD/CHF.
Long position opened
Investors should pay close attention to the identified resistance levels for the pair at 0.9562, 0.9585 and 0.9603.
Short position opened
The immediate support line is at 0.9521. Should the price step even lower, it will encounter subsequent levels at 0.9503 and 0.9480, where recovery might start.
© Dukascopy Bank