© Dukascopy Bank SA
- BK Asset Management (based on MarketWatch)
Pair's Outlook
A brief test of 0.9021/12 last week failed to initiate a strong rally, the price turned around ahead of the resistance at 0.9077/74. Accordingly, now USD/CHF is approaching the support mainly created by the Feb low. In case this demand area is breached, the currency pair will most likely descend through the weekly S2 and the monthly S1 down to 0.8930/14.
Traders' Sentiment
Judging by the positioning of the SWFX market participants, traders are largely expecting a surge in the exchange rate—72% of them are holding longs and only 28% consider the U.S. Dollar to be overvalued. As for the orders, 67% are set to acquire and 33% to sell the buck against the Swiss Franc.
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