© Dukascopy Bank SA
- CanadianForex (based on Reuters)
Pair's Outlook
After posting gains last week the U.S. Dollar slipped towards the weekly PP at 1.944 today; however, later it managed to recover around the opening level (1.0970). The next target is the major level at 1.10; however, it has not been reached since the end of April. Nonetheless, we think that a sideways trend is likely to occur at the moment. Moreover, the daily and weekly technical studies are neutral, strengthening the sideways movement scenario.
Traders' Sentiment
The gap between the bearish and bullish SWFX traders is little changed, as of today 58% of them have opened long positions on the pair. At the same time the gap between the buy (25%) and sell (75%) orders is widening.
© Dukascopy Bank SA