© Dukascopy Bank SA
- Sim Moh Siong, Bank of Singapore (based on CNBC)
Pair's Outlook
USD/CHF opened this week with an upside gap, indicating that the resistance at 0.9204/0.9189 is now out of the way. And while there may appear a dip on the chart today, it is unlikely to extend beyond the monthly R1 and the 100-day SMA, being that the pair is expected to reach the 200-day SMA at 0.9317 first and then target the March high at 0.9567.
Traders' Sentiment
The percentage of bulls in the SWFX market plummeted. While last Friday 74% of all the open positions on USD/CHF were long, now only 63% of them are to profit from the U.S. Dollar's increase in price. At the same time the share of buy orders soared from 58% to 67%.
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