© Dukascopy Bank SA
- NordLB (based on Bloomberg)
Pair's Outlook
USD/CHF stays on a bearish path and thereby poses a real threat to the intactness of the demand area created by the monthly PP and the Feb low. If the currency pair closes beneath 0.9047/21, then it should preserve downward direction at least until another significant support is reached, which potentially is the Feb 2012 low and the monthly S1 at 0.8930.
Traders' Sentiment
Despite USD/CHF failing to commence a recovery, an overwhelming majority of the market participants believe the currency pair is about to bottom out and change the direction to an upward one, being that 72% of positions are long and the remaining 28% are short.
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