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"[The SNB] tries not to appear too optimistic in order not to jeopardize the franc ceiling. We think they will keep the cap on hold for the foreseeable future"
- UBS AG (based in Bloomberg)
Industry outlook
Failed attempt to penetrate 0.9317 should result in a dip to 0.9185, which guards a subsequent support level at 0.9066. Rallies should be contained by resistances at 0.9300, 0.9317 and 0.9340/42.
Traders' sentiment
USD/CHF currency pair is overbought, since the share of long trades (62%) considerably exceeds the share of short ones (38%).
Long position opened
While trading this pair, investors should pay attention to the immediate resistance level at 0.9308. If the pair manages to go through this level, further resistances are situated at 0.9387 and 0.9441.
Short position opened
A part of the brokers will close their short positions near initial support level at 0.9175. In case of downtrend continuation, the pair might rebound from the S2 at 0.9121 or S3 at 0.9042.
© Dukascopy Bank