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"Having traded largely in tandem with the dollar-franc for the better part of the last weeks, the two currency pairs traded in diverging directions of late. With Swiss fundamentals clearly not making a case for a softening of the Swiss National Bank's monetary stance and with the SNB's minimum exchange rate of 1.20 in the euro-franc in sight, the currency pair finds it increasingly difficult to move lower."
- UBS (based on The Economic Times)
Pair's Outlook
Pair started the week in a mild bullish fashion and at the moment is testing weekly PP. At the moment is seems that the pair is capable of maintaining such tempo and could test 0.93 by the end of the week. However, as the short term technicals point out. the pair still faces significant downside risk and only consolidation above the 93 cents could lift all of this pressure off the pair.
Traders' Sentiment
Bulls continue to hold overwhelming majority (71%) of all open positions in the market. Bullish pending orders decreased by 6% and is at 69% gauge today.
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