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"The proximity of Jackson Hole [where Bernanke is due to speak] has cast an apathetic shadow on markets"
- RBC Capital Markets (based on MarketWatch)
Pair's Outlook
USD/CHF undergoes yet another bullish correction, which is expected to end near 0.9632/36, where 100 day SMA and an accelerated downtrend resistance line are. Subsequently, the pair is likely to come under pressure and weaken as long as 0.9407/0.9395 is not attained. There we anticipate to see a strong rebound, which may pare most of the prior losses we have seen until now.
Traders' Sentiment
The gap between bulls and bears has increased, as the portion of long positions has grown up to 73%, whereas short ones continue to lose their positions, constituting merely 27% of the market. As for the orders placed on the pair, 48% of them are to buy the U.S. Dollar and 52% are to sell it against the Swiss Franc.
© Dukascopy Bank SA