© Dukascopy Bank
"The [US] economy is expanding, but the data are choppy and somewhat inconsistent"
- Herrmann Forecasting LLC (based on Bloomberg)
Industry outlook
USD/CHF is challenging resistance at 0.9066/88, which is needed to be overcome in order for the price to continue inching higher. Subsequent levels may be encountered at 0.9162 and 0.9203.
Traders' sentiment
The overwhelming majority of traders (84%) remain long on USD/CHF, expecting the US Dollar to carry on gaining in value against the Swiss Franc.
Long position opened
Leading market participants, who have entered USD/CHF market with a buy trade, are expecting to close their positions at the key resistances at 0.9080, 0.9101 and 0.9131.
Short position opened
The immediate support line is at 0.9029. Should the price step even lower, it will encounter subsequent levels at 0.8999 and 0.8978, where recovery might start.
© Dukascopy Bank