USD/CHF capped by 0.8940/23

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The jobs data confirmed the moderate recovery in the U.S. economy, but market expectations had been way too high."
- Mizuho Securities (based on Bloomberg)


Pair's Outlook

A resistance zone at 0.8940/23, mainly formed by the monthly R1 and 100-day SMA, proved to be tough yesterday by throwing USD/CHF beneath the 2012 lows at 0.89. Now, if the 55-day SMA fails to underpin the exchange rate and to rekindle interest in buying the greenback, the sell-off will likely persist at least until the monthly PP at 0.8813 is reached.

Traders' Sentiment

While some of the traders start doubting bullishness of USD/JPY, they are much more certain that the U.S. Dollar is going to outperform the Swiss Franc. Firstly, 74% of open positions are long. Secondly, 77% of orders placed 100 pips from the spot price are to purchase the Dollar against the Franc.
© Dukascopy Bank SA

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