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"This evening's FOMC meeting isn't expected to contain any surprises, or at least any change in tone."
- RBC Capital Markets (based on MarketWatch)
Pair's Outlook
At the moment USD/CHF is struggling at 0.9210/04, as both the 20 and 55-day SMAs were violated yesterday, impugning the ability of the greenback to gain value any time soon. Therefore in the medium term the currency pair is expected to target the down-trend support line at 0.9026, while breaching 0.9152/31 and 0.9083 en route there.
Traders' Sentiment
Regardless of the fact that USD/CHF has been in a down-trend for some time now, an overwhelming majority (74%) of market participants are long on the pair, believing that the price has already bottomed out. Moreover, 64% of traders intend to buy the greenback against the Franc, according to the ratio between buy and sell orders.
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