Technical Analysis USD/CHF closes above 0.90
Pair’s Outlook
Despite the resistance at 0.90 that stopped strong advancement of USD/CHF in May, USD/CHF managed to rally above this level yesterday. Accordingly, we may now look at the 2014 high (0.9156) as a potential target, though the pair will have to breach the monthly R2 at 0.9096 first. Meanwhile, the monthly technical studies are against such a scenario—a half of them are suggesting the Dollar is going to fall, the rest are neutral.
Traders’ Sentiment
A jump in the price of the U.S. Dollar did not affect the overall distribution between the longs (72%) and shorts (28%), but it did change the situation in the nearby pending orders—43% are to buy and 57% are to sell the Greenback against the Franc.
Source: Dukascopy
