© Dukascopy Bank
"The latest economic statistics suggest that the international economic recovery will continue, although growth rates are likely to be on the low side by comparison with typical recovery phases"
- Swiss National Bank (based on CNBC)
Industry outlook
As the currency pair currently remains under the downward pressure, 0.9066—Friday's key support—is being tested at the moment. If this level is successfully pierced, 0.9000 and 0.8933 (200 day ma) could become the next targets in focus. However, in case these supports are tested, a positive outlook is likely to be restored and then the focus could be shifted to the 0.9317/42 area.
Traders' sentiment
USD/CHF currency pair remains overbought, as long positions compose the market by 71.47%, while the portion of short positions is currently 28.53%.
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 0.9116, whereas R2 and R3 are situated at 0.9166 and 0.9198, accordingly.
Short position opened
Largest investors might have placed their take profit orders at the key support levels. These levels for intraday trading are situated at 0.9034, 0.9002 and 0.8952.
© Dukascopy Bank