© Dukascopy Bank SA
- JPMorgan (based on CNBC)
Pair's Outlook
Although the support at 0.8989 was expected to hold, the currency pair nonetheless managed to push through the defences and close beneath it. Now USD/CHF should test the monthly S1 and may even reach the 2012 lows at 0.89. If the latter level is broken as well, one of the major down-trend support lines that formed the falling wedge pattern will become exposed.
Traders' Sentiment
A substantial majority of the market participants retain bullish bias with respect to USD/CHF, as 74% of positions are long and merely 26% of traders foresee depreciation of the greenback relative to the Swiss Franc. Speaking of the orders, 72% of them are set to acquire the U.S. Dollar.
© Dukascopy Bank SA