USD/CHF targets down-trend at 0.863
Pair’s Outlook
After an explicitly bearish week there is a fairly high chance of a correction. But even if it does take place, the rally is unlikely to drag on for long, considering there are tough resistances at 0.8813/12 (weekly and monthly PP) and 0.8842/38 (20 and 55-day SMAs). The outlook will remain bearish until USD/CHF confirms presence of a formidable support at 0.8631, where the pair should meet the 12-month trend-line and jump.
Traders’ Sentiment
More than three out of four traders (76%) expect the U.S. Dollar to increase in value relative to the Swiss Franc. The positive outlook is also provided by the orders placed 100 pips up and down from the spot—76% of them are to purchase the greenback.
Source: DukascopyBankSA
