© Dukascopy Bank SA
"The news with the easing measures in China would normally be positive for risk assets, but the market is cautious"
- Morgan Stanley (based on CNBC)
Pair's Outlook
USD/CHF has effortlessly pierced through a support area at 0.9573/56 and is currently trying to erode 0.9512/0.9497, which should be able to withstand bearish pressure and reassure of an idea that present weakness of the pair is temporary and is a phase of a bearish correction before the price recommences recovery. Nonetheless, as long as a key support at 0.92340.9197 is intact, the outlook will remain positive.
Traders' Sentiment
Given that the Swiss Franc is the second least preferred currency after the Japanese Yen, an overwhelming majority of market participants (64%) are holding long positions on USD/CHF, while bears form 36% of the market. As for the orders, 38% of them are to buy and the rest (62%) are sell to the Greenback.
© Dukascopy Bank SA