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"[Federal Reserve watcher Jon] Hilsenrath reinforced the case that September is the more likely timing for QE3 than August"
- RBC Capital Markets (based on MarketWatch)
Pair's Outlook
USD/CHF remains below 0.9960 and is pulling back at the moment after yesterday's sharp rally, though retracement is not expected to extend beyond 0.9906, given that the pair preserves its upward momentum. Additional resistances are situated at 0.9999 and 1.0018/42 and guard 1.0125 for now from being attained, though they are not viewed as strong enough to contain the price in the medium to long-term.
Traders' Sentiment
The share of bulls on USD/CHF is continuously contracting and has already reached 57%, implying increasing indecision of market participants with respect to future direction of the pair. At the same time distribution among buy and sell orders is 43% to 57%, accordingly.
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