© Dukascopy Bank SA
"We'll enforce the cap with utmost determination. It's important one know that we're prepared to take further steps immediately if necessary."
- Thomas Jordan, SNB President
Pair's Outlook
The pair took a major hit after approaching the 2013 Sep high, meaning there is a formidable resistance area around 0.9450. However, if USD/CHF does not fall beneath 0.93 (monthly R2 and two-month up-trend), there is almost no hope for the bears to be able to prevent the Buck from rising and setting its course towards 0.98—the 2013 high. Alternatively, the price will be looking for support at 0.9050 (monthly S1, major up-trend and 100-day SMA).
Traders' Sentiment
Just as yesterday, there is no notable difference between the amounts of long (55%) and short (45%) positions open in the SWFX market. But 50 pips from the spot the percentage of sell orders soared from 54 to 76%.
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