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"The numbers [on U.S. orders for durable goods] have helped the dollar generally."
- BNP Paribas (based on Bloomberg)
Pair's Outlook
At first there were doubts whether the 200-day SMA will be able to keep USD/CHF afloat. But yesterday the market confirmed its significance, and the currency pair is now in a good position to build on the recent success and move further north. The immediate resistance is represented by the weekly R1 at 0.8987, but a more important obstacle before we get to see a re-test of this year's high at 0.9156 is 0.9041, namely monthly R2.
Traders' Sentiment
An overwhelming majority (50%) of the traders are presently holding long positions, expecting the greenback to appreciate. In the meantime, the buying pressure may somewhat subside quite soon, as the share of buy orders declined from 68% to 57%.
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