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"The SNB's consistent and successful defence of the exchange floor has boosted CFOs' confidence that the Swiss franc will not return to its previous strength in the near future."
- Deloitte (based on Bloomberg)
Pair's Outlook
Yesterday pair dipped 40 pips below the 200-day SMA, but bounced back and at the moment is trading at it. Short term technicals give indications that we should see some sort of a bullish correction, but pair is facing significant downside risk in the medium term. Dips should find support with the 0.925 area; rallies should be capped by the 0.95 level.
Traders' Sentiment
Bulls are strengthening their presence in the market further. Share of bulls in the market increased by additional 2% (8% in total in the last 3 trading days) and is at 72% gauge today; 4 more percents of pending orders (56% in total; +10% in the last 3 trading days) are set to go long on the pair as well.
© Dukascopy Bank SA