© Dukascopy Bank SA
"The Fed's minutes are more hawkish than I thought they'd be. Expectations are rising for better U.S. job numbers, which are supportive for the dollar"
- Sumitomo Mitsui Trust Bank Ltd. (based on Bloomberg)
Pair's Outlook
USD/CHF appreciates rapidly and has already reached the upper line of a down-side channel at 0.9285. However, an area around a 0.93 benchmark is full of very important marks: at 0.9303 Bollinger band merges with the 55-day SMA and slightly higher, at 0.9317, the 100-day SMA intersects with the 261% Fibonacci. Therefore, it is very likely to experience a correction or consolidation from this area and later continue a journey north, as analysts' consensus is 0.94 in the first quarter of 2013.
Traders' Sentiment
Bears preserves their positions in USD/CHF pair, since the bulls have 86% of opened positions and the bears have only 14%. Pending orders market is bullish and support an up-side movement, as 64% of orders are buy and 36% are sell.
© Dukascopy Bank SA