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"Even though U.S. data is a bit patchy, it's still suggesting that a recovery is occurring there. It's only a matter of time before the market starts thinking about rate hikes from the Fed."
- St. George Bank (based on Bloomberg)
Pair's Outlook
Despite USD/CHF having difficulties at the beginning of June the outlook on the pair is bullish, as it has confirmed the 200-day SMA as the support and there are no significant resistance overhead. The first potential threat to the current upward momentum is the monthly R1 60 pips away from the spot, which is also reinforced by the weekly R2. On the other hand, monthly indicators do not support this scenario—four out of eight are presently bearish.
Traders' Sentiment
The current percentage of long positions (65%) is lower than five days ago, but is still noticeably higher than the share of shorts (35%). As for the orders, there is completely no difference between the numbers of buy and sell ones.
© Dukascopy Bank SA