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- HSBC (based on MarketWatch)
Pair's Outlook
As it turned out, being reassured by the daily technicals, we were too quick to suppose that the currency pair has gained a solid ground above the monthly R1 and the 100-day SMA. This support area has already been broken. Accordingly, now USD/CHF is set to decline back to the June low at 0.9128. There the rate is likely to find sufficiently support in order to resume the recovery.
Traders' Sentiment
Even though insubstantially, but the gap between the bulls and bears has widened even more since the last update—the portion of open long positions has grown from 66% to 67%. In the meantime, the difference between the buy (62.5%) and sell (37.5%) orders has diminished.
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