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- Stefane Mario, National Bank Financial (based on Reuters)
Pair's Outlook
Indeed, a cluster of supports, mainly formed by the 55, 100 and 200-day SMAs proved to be formidable enough to end the bearish correction and boost activity of bulls that have sent the price already beyond 1.0008. While the next resistance at 1.0060 is considered to be fairly weak, a subsequent area at 1.0107/1.0089 will be considerably more difficult to penetrate.
Traders' Sentiment
SWFX traders' sentiment is largely unchanged since the yesterday's update, being that 66% of market participants foresee extension of a rally, whereas 34% of them believe that the U.S. Dollar will underperform. The distribution between buy and sell orders is also bullish, being 62% to 38% accordingly.
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