© Dukascopy Bank SA
- National Australia Bank Ltd. (based on Bloomberg)
Pair's Outlook
Right now USD/CHF is eroding 0.8975/69 and is expected to maintain bearish direction at least until the 2012 February low at 0.8930/14. In case the latter support also turns out to be insufficiently strong, the exchange rate will be well-positioned to thrust towards the down-trend support that may be drawn through the peaks and valleys charted since August of the previous year. This line also makes up the lower boundary of the falling wedge pattern, initiation of which dates back to mid-April.
Traders' Sentiment
Despite a sharp drop in the price yesterday the bullish towards USD/CHF traders remain in a distinct majority—they take up 72% of the market. Meanwhile, the gap between the shares of buy (67%) and sell (33%) orders contracted.
© Dukascopy Bank SA