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- Sandra Pianalto, Federal Reserve Bank of Cleveland President (based on WSJ)
Industry outlook
Upward movement of the currency couple is unlikely to decelerate, since it has already cleared out April high. USD/CHF should now aim for 0.9317/42. Subsequent resistance level is at 0.9595 and may be reached within the next three months.
Traders' sentiment
Traders' sentiment has almost not changed since the last report. Long traders form 67% of the market, while the rest (33%) are short position holders.
Long position opened
The price might rebound from the first resistance level at 0.9316, so major dealers are planning to close some of their long positions near this level. Subsequent goals for bulls are 0.9343 and 0.9386.
Short position opened
Major dealers are planning to partially close their short positions if the pair touches upon the first support level at 0.9246. However, if the bearish impetus proves to be strong enough, some of the positions could be squared off at S2 of 0.9203 and at S3 0.9176.
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