USD/CHF Daily Chart
Pair’s Outlook
As it turned out, the 200-day SMA was not able to keep the bulls at bay for long and eventually gave in. Now, being well-supported at 0.8946/42, USD/CHF is supposed to move further north. If this is the case, the currency pair will encounter a significant resistance area at 0.9061/41—the monthly R2 and weekly R3. On the other hand, the technical indicators do not favour such a scenario, especially in the longer-term perspective.
Traders’ Sentiment
The distribution between the long and short positions remains heavily skewed towards the former, as they constitute 73% of the market. As for the orders, 50 pips from the spot price 60% are to purchase the greenback against the Franc.
Source: dukascopy
