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- Credit Agricole (based on Reuters)
Pair's Outlook
USD/CHF has recently spiked below 0.9208/02, but was sent back up once the subsequent support at 0.9184/70 was reached. The initiated rally has already managed to climb over 0.9267/63, but a reaction of the price to a test of 0.9304/0.9294 is of more interest to us. The current context in the market predisposes the price to decline from this resistance with a long-term goal at 0.8930.
Traders' Sentiment
Positioning of the SWFX marketplace participants is strongly skewed towards the longs that presently take up 71% of the total amount. This advantage over short positions has been justified by the recent rally, but at the same time there is no difference between the buy (51%) and sell (49%) orders.
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