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"Higher stocks are likely to lead to some selling in the safe-haven currencies, such as the dollar and yen. The markets have been excessively risk averse"
- Mitsubishi UFJ Morgan Stanley Securities Co. (based on Bloomberg)
Pair's Outlook
The U.S. Dollar carries on depreciating against the Swissie following a failed attempt to surge above an accelerated uptrend resistance at 0.9730. USD/CHF has already penetrated a support at 0.9662 and is now crawling towards a tough area at 0.9553/42, near which the pair is likely to recommence gaining ground, since the long-term outlook remains bullish, aiming for parity.
Traders' Sentiment
The Swiss Franc is the least popular currency in SWFX marketplace compared to its main peers, being acquired only in 25% of cases. Consequently, most of positions (67%) held on USD/CHF are long, while 33% of them are short. On the other hand, buy and sell orders constitute 45% and 55% of the overall amount, respectively.
© Dukascopy Bank SA