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"The dollar buying trend against everything has a momentum of its own globally for now."
- Saxo Capital Markets (based on CNBC)
Pair's Outlook
USD/CHF has finally escaped the boundaries of the flag pattern it has been forming the last two weeks. Now the pair is standing in front of the monthly R3 at 0.94, which is guarding the 2013 Sep high at 0.9450. Accordingly, we may seen some consolidation between these levels while the bulls prepare for a push that is supposed to pave the way for a recovery to the 2013 high that is located 400 pips to the North.
Traders' Sentiment
Apparently, some of the SWFX market traders used USD/CHF's thrust to take profits yesterday, being that the portion of longs contracted from 56 to 53%. There are also relatively less buy orders—60% (yesterday—62%).
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