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"I expect the [US] economy to expand at a moderate rate of 2.5% this year, followed by a slight pickup to around 3% next year"
- Sandra Pianalto, president of the Federal Reserve Bank of Cleveland (based on WSJ)
Industry outlook
As long as support at 0.9066/0.9000 remains intact, USD/CHF is perceived as bullish. Despite a failure to overcome resistance at 0.9200, the currency couple should be able to attain 0.9317/42 in the near future.
Traders' sentiment
The ratio of bulls to bears on USD/CHF has not been altered since the last report - 70% to 30%, as majority of market participants expect the US Dollar to appreciate.
Long position opened
The initial resistance level for intraday trading is 0.9217. Bulls might establish additional targets at 0.9290 and 0.9328.
Short position opened
Major dealers are planning to partially close their short positions if the pair touches upon the first support level at 0.9106. However, if the bearish impetus proves to be strong enough, some of the positions could be squared off at S2 of 0.9068 and at S3 of 0.8995.
© Dukascopy Bank