© Dukascopy Bank SA
- Sumitomo Mitsui Trust Bank (based on CNBC)
Pair's Outlook
USD/CHF has already reached the 2012 February low, therefore there is a substantial risk the buck could fall lower, down to the falling support line at 0.8780/53. Moreover, given that the rate has been fluctuating in a bearish channel since the beginning of July, the retracement may extend to the lower boundary of the formation at 0.8650 before the pair regains its bullishness.
Traders' Sentiment
The SWFX market participants remain strongly bullish on the greenback regardless of the precipitous decline in the price. Currently 72% of all open positions are long. Concerning the orders, 72% are to buy and 28% are to sell the U.S. Dollar relative to the Swiss Franc.
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