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- BNP Paribas (based on WBP Online)
Pair's Outlook
The US Dollar slightly overperformed on Wednesday, as it settled almost 20 pips over the predicted 1.2250 level. During the session, the Greenback even managed to reach the initial resistance cluster, but as anticipated, lacked the strength to maintain the position. Technical studies are still emitting mixed signals today, while other factors are suggesting a decline. The nearest support rests at 1.2214, although it is likely to only slow down the fall, not stop it completely. Nevertheless, we should not rule out the possibility of a further surge due to improvement expectations in the US fundamentals.
Traders' Sentiment
Both net positions and net orders declined. Now 64% of traders are long the Buck, while 28% of orders are now to acquire the US Dollar.
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