© Dukascopy Bank
"The outlook for the U.S. economy is deteriorating, and the likelihood for quantitative easing is increasing"
- BNY Mellon (based on Bloomberg)
Industry outlook
USD/CHF has effortlessly pierced through a resistance at 0.9176 and is currently moving towards 0.9317/42, which may be attained within the next month. Longer term target lies at 0.9595.
Traders' sentiment
Traders' sentiment remains bullish to a large extent on USD/CHF, as the portion of bulls (66%) considerably outweighs the share of bears (34%).
Long position opened
The break of the short-term resistance line 0.9204 would pave the way for the pair to rise up to 0.9229. The clearance of the second daily resistance level would establish a new target for traders at 0.9273.
Short position opened
Major market participants with short positions will hold their deals until the price slides down to the initial support level at 0.9135. If the price continues the downtrend, the dealers might wait for the US Dollar to depreciate down to 0.9091 or 0.9066.
© Dukascopy Bank