© Dukascopy Bank SA
"Momentum is weakening in the fourth quarter. While there is no reason to be pessimistic, it curbs some of the enthusiasm we had seen after the strong growth of the past two quarters."
- Standard Chartered (based on Reuters)
Pair's Outlook
After a decline below the weekly pivot point at 0.9645, the USD/CHF pair made an attempt to return back above this resistance level. However, it failed to so successfully and dropped even more. For some time the pair hovered below the 0.96 major level, but closed 11 pips above it. We predict the bearish trend to persist in the nearest future, while the decline may prolong down to monthly pivot point at 0.9556. This idea is shared by daily technical studies.
Traders' Sentiment
Market sentiment continues to be strongly bullish, as 60% of all opened positions are long (63% yesterday). Meanwhile, pending orders deteriorated in both ranges, as now only 52% of them are set to acquire the US dollar in 100-pip range from the current price.
© Dukascopy Bank SA