Technical Analysis USD/CHF stalls at monthly R1
Pair’s Outlook
At the moment USD/CHF is standing still below the monthly R1 and the resistance line at 0.90. Considering the previous experience at this level and the ‘sell’ signals of the monthly technical studies, the risks are most likely skewed to the downside. The path of the least resistance leads South, down to 0.89, where the monthly pivot point merges with the 200-day SMA and up-trend, thus creating a dense demand zone.
Traders’ Sentiment
Nearly three out of four SWFX traders are currently expecting the U.S. Dollar to appreciate, being that 74% of positions are long and 26% are short. Meanwhile, the amounts of buy (51%) and sell (49%) orders are almost equal.
Source: Dukascopy
