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"People are more nervous about the data this week so the dollar is on the defensive."
- BNP Paribas (based on CNBC)
Pair's Outlook
The pair continues its journey south, as none of the nearby supports were able to stop the bears. At the moment USD/CHF is testing the 100-day SMA and, according to the monthly technical indicators, is likely to break it. If this is the case, the dip could extend down to 0.88—the monthly S1 level. On the other hand, it the bulls regain their strength, they will have to push the price above the 55 and 200-day SMAs to put this year's high back on the map.
Traders' Sentiment
Nearly three out of four (73%) traders are planning to profit from U.S. Dollar's appreciation against the Franc. Moreover, a large portion (69%) of the orders set 100 pips from the spot are to acquire the buck, thus supporting the bullish outlook.
© Dukascopy Bank SA