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The pattern started on the 13th of November, 2012, when the pair peaked above 200-day SMA to 0.9513; currently it is trading at 0.9240. Trading volume seems to be decreasing lately. Current market sentiment is strongly bullish as 74% of traders bought the greenback versus the frank. Long traders could focus on the weekly pivot (R1)/100-day SMA at 0.9268/69, Bollinger band/weekly pivot (R2)/pattern's resistance at 0.9297/314 and weekly pivot (R3) at 0.9365.
Technical indicators on aggregate point at depreciation of the pair on 1D and 1W horizons suggesting it should continue following pattern's, downwards sloping, trend. Short traders could focus on the weekly pivot (PP) at 0.9209, weekly pivot (S1)/20-day SMA at 0.9173/70, weekly pivots at 0.9113 (S2) and 0.9077 (S3) and Bollinger band at 0.9043.
Main fundamental events which could have significant impact on pairs development in the near future are Federal Open Market Committee Minutes published on 20th of February, US Consumer Price index announcement on 21st of February and Semiannual Monetary Policy Report before the Senate Banking Committee by Ben Bernanke on 26th of February.
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