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"The risks to global growth are tilted to the downside. There's still some support for the yen and dollar"
- Scotiabank (based on Bloomberg)
Pair's Outlook
USD/CHF is slowing down ahead of a considerable resistance zone at 0.9890/0.9906, but preserves potential to overcome it. Afterwards, the currency couple will be able to surge up to 1.0006/42 and confront it in order to win possibility to advance further towards 1.0212. Meanwhile, supports at 0.9692/57 and 0.9581/56 will guard lower levels.
Traders' Sentiment
Regardless of USD/CHF being overbought to a substantial extent (64%) in SWFX marketplace, the pair carries on trading higher from day to day, as traders refrain from closing long positions for now, anticipating additional gains. However, the rally may soon fade, given that the share of sell orders is 64% and the portion of buy orders is 36%.
© Dukascopy Bank SA