Technical Analysis USD/CHF wavers in face of 0.90
Technical Analysis USD/CHF for July 18,2014
Pair’s Outlook
As suspected, USD/CHF is now facing a supply area that is unlikely to give in easily to the bulls, as it successfully stopped advancement of the Greenback last quarter. Unless the rate gains a solid foothold above 0.90 in the nearest future, there is going to be a decline, possibly down to the monthly PP and 200-day SMA near 0.8920. Additional support is provided by the 100-day SMA at 0.89, and a failure here would endanger 2014 lows at 0.87.
Traders’ Sentiment
The market is refusing to change its attitude towards the U.S. Dollar. There are still 71% of traders believing the currency is going to outperform the Swiss Franc. Meanwhile, there is no difference between the amounts of the buy and sell orders set on the pair.
Source: Dukascopy
