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- Societe Generale (based on Reuters)
Industry outlook
Dips are unlikely to breach through a tough support zone located at 0.8555/50, suggesting a bullish outlook for USD/CHF. The immediate resistance is situated at 0.8961, while higher lines may be found at 0.9082 and 0.9184.
Traders' sentiment
Bullish traders continue to outnumber the amount of bears in USD/CHF in the market. 73.17% of market participants currently keep longs, while the minority, being 26.83%, believe in a possible appreciation of the swissie in the nearest future.
Long position opened
Investors should pay attention to the identified with the help of the standard pivot point method resistance zones, as they might be useful during intraday trading. The initial resistance level is at the level of 0.9073, whereas R2 and R3 are situated at 0.9133 and 0.9297 accordingly.
Short position opened
Major FX traders expect the price to test the initial support level at 0.8910. The breakout of this line will pave the way for the price to test S2 at 0.8807 and S3 at 0.8643.