© Dukascopy Bank SA
- Credit Suisse (based on Bloomberg)
Pair's Outlook
Failure to overcome the resistance area formed by the bullish trend-line and monthly R3 resulted in a precipitous dip down to 0.9590/67, which is able to prevent further losses in conjunction with 0.9525 and 0.9470/33. Accordingly, USD/CHF is likely to re-commence its up-side movement, but will have a hard time at 0.9681/62 and will encounter even more difficulties once approaches 0.9799/73.
Traders' Sentiment
Most of the market participants reckon that the pair did not fully lose its bearish momentum and therefore will slide lower—64% of currently opened positions are short, even though separately USD and CHF are acquired with almost the same frequency. However, at the same time it is getting popular to place buy orders (61%).
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