© Dukascopy Bank
"[Should Greece's deal falter], we might see a more pronounced negative reaction in stocks and a rally in the dollar"
- RBC Capital Markets (based on WSJ)
Industry outlook
Bullish momentum USD/CHF did not weaken, increasing the likelihood of additional gains for the currency couple in the nearest future. The first target is 0.9259 (55 day ma), while the subsequent levels are at 0.9304 and 0.9340.
Traders' sentiment
USD/CHF currency pair is overbought, as the share of long positions (64%) exceeds the portion of short ones (36%) in the market.
Long position opened
FX market participants have put their take profit orders at the key resistance points of intraday trading. Some of the investors might close their deals at 0.9154 and 0.9187. The highest level is at 0.9211.
Short position opened
In case of dips, another rally may start after rebounding from the initial support level at 0.9097. However, assuming that the bearish momentum does not weaken, investors will pay attention to the lower support levels at 0.9073 and 0.9040.
© Dukascopy Bank