© Dukascopy Bank SA
- Raiffeisen Schweiz (based on Bloomberg)
Pair's Outlook
Pair seems to be slowly approaching resistance at 134.21. We would like to see a stronger bullish sentiment for the pair to advance above this level ant continue it's recovery. Now, if it advances above the weekly R1, we don see it breaching the September high at 134.95. Only a solid close above it would uplift most of the pressure on the pair. In case the pair fails at weekly R1, it should find support with the 20-day SMA/weekly and monthly PP.
Traders' Sentiment
Bears continue to hold slim majority of all outstanding positions on the pair—52% in total. At the same time, bulls are increasing their pressure on their counterparts as bullish side of pending orders increased by 7% and is at 69%.
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