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"There is a deep reluctance to buy dollars until the picture around the debt ceiling becomes clearer."
- Bank of Tokyo Mitsubishi (based on Reuters)
Pair's Outlook
Bulls are keeping the pressure on the pair, but can't advance above the 0.913/17 area. It seems that only a peak above 0.922 would uplift most of this downside pressure, but, as suggested by the short and medium term technicals, that should not happen any time soon. We think that strength of 0.908 will be tested soon as well. If pair dips below 0.904 we could see it trailing to 89 cents.
Traders' Sentiment
Franc still is one of the of the most sold major currencies across the board and market sentiment itself remains stable as 71% of traders hold long positions on the pair. Bullish side of pending orders, however, shirked by 5%. At the moment it is at 66% gauge.
© Dukascopy Bank SA