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"Dollar crosses are weakening, led by the euro, as the Fed minutes were more hawkish than people had been expecting."
- FX Prime (based on Bloomberg)
Pair's Outlook
The resistance at 0.91 had been finally broken, meaning there are now no obstacles for USD/CHF to touch 0.9156. This supply zone may also prove to be difficult to cross, considering that it is reinforced by the monthly R1 level and the technical indicators are not in favour of a rally. Should the bulls show weakness in the face of 2014 high, the support at 0.90 will be there to keep the rate away from the 100 and 200-day SMAs.
Traders' Sentiment
According to the SWFX market, USD/CHF has already reached its fair value, being that the sentiment has changed from strongly bullish (74%) to neutral (54%). The share of buy orders also fell, but less noticeably, from 75 to 67%.
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