© Dukascopy Bank SA
"Expectation that Fed Chair Janet Yellen's speech will be less hawkish at today's Jackson Hole meeting is triggering a weaker dollar. Investors are adjusting positions."
- Suhyup Bank (based on Bloomberg)
Pair's Outlook
Although the resistance at 0.91 is no longer in the way, now it is 2014 high that is forcing USD/CHF to take a step back. Ideally, the pair should stop retreating and launch yet another attack on 0.9150. But the Buck may need to retreat to 0.90 (up-trend, monthly PP and 55-day SMA) in order to start a recovery capable of extending through this supply area and open a path towards 2013 Nov 7 high at 0.9250.
Traders' Sentiment
The sentiment of traders is now neutral with respect to USD/CHF—only 54% of positions are long. On the other hand, the percentage of orders scattered 50 pips from the spot set to acquire the Greenback soared from 45 to 81%.
© Dukascopy Bank SA