© Dukascopy Bank SA
- BNP Paribas SA (based on Bloomberg)
Pair's Outlook
Today is bringing new challenges for the U.S. Dollar with the major level at 1.10 ahead, after the yesterday's jump, when the pair approached the monthly R1 at 1.0980. Even though the shorter term technical studies are currently neutral the pair seems very much bullish for the time being. The next key signal will be whether the pair is able to close above the 1.10 mark, if it does then the resistance level (April 23 high) at 1.1055 becomes the target.
Traders' Sentiment
There still is strong conviction in the market that the Greenback is undervalued, being that as many as 67% of open positions are currently long. As for the orders, the amounts of buy (61%) and sell (39%) ones are almost the same as yesterday.
© Dukascopy Bank SA