© Dukascopy Bank SA
- Barclays (based on CNBC)
Pair's Outlook
Instead of the expected rebound from the June low, USD/CHF is slowly eroding 0.9128/08, which might endanger an emergence of a recovery in the nearest future. A breach of this support is likely to entail further selling, at least until the February low at 0.9021 is reached. In a worst-case scenario the price is estimated plummet down to the February of 2012 low at 0.8930.
Traders' Sentiment
The bulls have enhanced their advantage over the bears even further. While yesterday 71% of positions were long, now 73% of them are to benefit from an increase in the price. At the same time the dominance of the buy orders has also expanded—their share has grown from 65% to 68% during the last day.
© Dukascopy Bank SA