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- CMC Markets (based on MarketWatch)
Pair's Outlook
After a fierce battle between the bulls and bears last Friday, as indicated by the large spikes on the chart, USD/CHF is calmly moving en route to the 55-day SMA at 0.9405, a path towards which is unobstructed by notable resistances. Once the currency pair overcomes 0.9405, then the focus should shift to some of the higher levels, such as weekly R1 at 0.9440 and monthly R1 at 0.9481/78.
Traders' Sentiment
Elevated volatility on May 3 has introduced significant changes into positioning of traders. The share of bulls, 74% on Friday, has plunged down to 47%, meaning that the sentiment has turned neutral after being extremely positive before. Concerning orders, the portion of buy ones declined to 54% from 70%.
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