© Dukascopy Bank SA
- Societe Generale (based on CNBC)
Pair's Outlook
As suspected, the resistance at 0.8813/12, consisting of the weekly and monthly pivot points, managed to negate the bullish momentum of USD/CHF. Now the currency pair is likely to move in accordance with the weekly and monthly indicators that are mostly pointing south. There it should encounter the support at 0.8744/28 and eventually approach the 2011 lows at 0.86, where it will also meet the falling trend-line.
Traders' Sentiment
There has been no deviation yet in the relative numbers of bullish (72%) and bearish (28%) market participants. However, there are substantial changes in the orders. The share of buy ones 100 pips around the current price plunged from 65% to 46%.
© Dukascopy Bank SA