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"Fear is moving the market. It started from worries over Greece and then Spain. Investors have no choice other than to buy the yen and the dollar as they sell off other currencies"
- Barclays Capital (based on Bloomberg)
Pair's Outlook
USD/CHF has just bounced off an accelerated uptrend resistance and is presently consolidating before attempting to violate resistance at 0.9756, which guards a subsequent level at 0.9902. In case the latter level does not halt the pair as well, a rally may extend up to 1.0065. From below the currency pair is supported by 0.9659 and 0.9535/14, limiting potential losses of USD/CHF.
Traders' Sentiment
Being that the Swissie is the least frequently bought currency in SWFX marketplace, sentiment of traders on USD/CHF is bullish, since 62% of traders are currently holding long positions. Accordingly, 38% of market participants remain short on the pair. As for the orders placed on USD/CHF, 43% are to buy and 57% are to sell the U.S. Dollar.
© Dukascopy Bank SA