© Dukascopy Bank
"The [US] labor market is better, and a stronger labor market and stronger consumer spending go hand in hand"
- Deutsche Bank Securities Inc. (based on Bloomberg)
Industry outlook
USD/CHF has closed below 0.9080/66 and may decline further, down to 0.8960 or even 0.8788/69 (200 day ma), as the bearish momentum seems rather strong. Resistances are now placed at 0.9220, 0.9300/07 and 0.9317/31.
Traders' sentiment
Most of bullish traders have squared off their positions, making the sentiment bearish for now. Longs constitute 41% of the market, while 59% of it is composed of shorts.
Long position opened
Initial resistance area for the pair is situated at 0.9082. Subsequent goals for the bullish market payers may be found at 0.9150 and 0.9187.
Short position opened
Key support for USD/CHF intraday trading is situated at 0.8977. In case S1 is penetrated, traders with short positions are likely put their T/P orders at 0.8940 and 0.8872.
© Dukascopy Bank