© Dukascopy Bank
"It does seem that risk appetite is not as strong as it was one month ago"
- Standard Chartered Plc (based on Bloomberg)
Industry outlook
Current bullish momentum which was confirmed by a breach of 0.9066/88 is likely to persist until 0.9263 is attained, though USD/CHF will have to overcome 0.9150 and 0.9203 first. In the longer term the pair is targeting 0.9595.
Traders' sentiment
The portion of traders who stay long on USD/CHF currency pair has diminished to 64%. Nonetheless, bearish traders are still in minority and form 36% of the overall amount of market participants.
Long position opened
The initial resistance level for intraday trading is 0.9176. Bulls might establish additional targets at 0.9214 and 0.9279 if the US Dollar appreciates more.
Short position opened
Key support for USD/CHF intraday trading is situated at 0.9073. In case S1 is penetrated, traders with short positions are likely put their T/P orders at 0.9008 and 0.8970.
© Dukascopy Bank