© Dukascopy Bank SA
- Camilla Sutton, Scotiabank (based on Reuters)
Pair's Outlook
Even though the pair could have declined down to the rising trend-line at 0.9923/12, a cluster of supports at 0.9961/54 proved to be enough to reverse the pullback and send the price upwards, a scenario that was suggested by the technical studies on a daily chart. An initial resistance at 1.0027 will be the first hurdle en route to 1.0107, while the medium-term outlook remains positive.
Traders' Sentiment
SWFX traders' sentiment has been subject to a significant change recently, being that the portion of long positions has surged up to 64%, leaving market participants, who hold short positions, far behind, with only 36% of the market. The similar structure is observed with orders, where 64% of them are buy and 36% are sell.
© Dukascopy Bank SA