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- Societe Generale (based on CNBC)
Pair's Outlook
The exchange rate remains capped by the resistance at 0.9128, but at the same time refuses to descend beneath the support area created by the weekly pivot point and the 20-day SMA at 0.9082/74. Nevertheless, it is probable that the buck first depreciates to 0.9011 and only then will commence a long-term recovery which will take the price beyond the 200-day SMA towards 0.96 and possibly even higher.
Traders' Sentiment
An overwhelming majority (71%) of SWFX marketplace traders hold bullish positions, expecting the U.S. Dollar to outperform the Swiss Franc. However, for more than a month already the tendency has been the opposite—the Franc has been continuously gaining in value against the buck since the beginning of September.
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