© Dukascopy Bank SA
- IG Markets (based on Reuters)
Pair's Outlook
Depreciation of the U.S. Dollar relative to the Swiss Franc revs up—the pair dropped from a 0.9373 level to a 0.93 benchmark yesterday. The price slipped beneath the major moving averages, as the 200-day and 100-day SMAs are positioned at 0.9320. In case the pair settles far below these levels, further weakening will become highly probable, since the next resistance is only at 0.9228.
Traders' Sentiment
Bearish sentiments over the U.S. Dollar are one of the strongest in the market, since 74% of opened positions are willing to exploit depreciation of the Dollar and earn from the Franc's strengthening. Pending orders market is marginally bullish, as 55% of orders are long.
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