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"The situation over the past few weeks has worsened and has become a lot more uncertain. At the same time, we are observing a considerable upward pressure on the franc. Investors are looking for a safe haven"
- Thomas Jordan, SNB President (based on Bloomberg)
Pair's Outlook
Despite a temporary weakness of USD/CHF, the pair still preserves its bullish potential. Upward momentum should be reignited once the price touches a support area at 0.9503/18, although we cannot rule out a deeper retracement, possibly down to 0.9466. The initial resistance, on the other hand, lies at 0.9659, guarding subsequent levels at 0.9756 and 0.9902.
Traders' Sentiment
Forces of bulls (46%) and bears (54%) on USD/CHF are currently similar in strength, thus creating neutral sentiment on the currency pair, even though the Swiss Franc is the second least popular currency in SWFX marketplace after the Yen. Nevertheless, within 200 pips from the current price, 40% of orders are to buy the Greenback and 60% are to short-sell it against the Swissie.
© Dukascopy Bank SA