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"The cap on the franc won't stay in place forever, but at the moment we don't see the end of it. The conditions justifying the cap are still there."
- The Swiss National Bank (based on Reuters)
Pair's Outlook
Pair advanced above the 55-day SAM without much of complications and a the moment is trading at 200-day SMA. Weekly R1/Fibo 38.2% (9th of July to 20th of August move) might keep the pair at bay for a while, but for the time being it does not seem that anything before 0.95, where expectations of major market participants start to cluster, could send the pair lower.
Traders' Sentiment
Bears have strengthened their presence in the market. Although at the moment they account for 30% of all market participants, this number was almost 5% smaller yesterday. In addition, 46% of pending orders are set in favour of the bears as well. This number was 13% lower yesterday.
© Dukascopy Bank SA