Technical Analysis USD/CHF aims for 2014 high
Technical Analysis USD/CHF for Monday, July 28, 2014
Pair’s Outlook
The Greenback carries on strengthening, and there are supposedly no significant hurdles until this year’s high at 0.9156. We may expect some profit-taking around 0.91 (monthly R2), but the currency pair is likely to move another 100 pips North before there is a considerable risk of the bullish market turning around. Meanwhile, any dips should be prevented by 0.90, a mark, which has proven to be important to the market on several occasions in the past.
Traders’ Sentiment
At the moment 73% of the market participants believe the U.S. Dollar, despite its recent rise, is still undervalued, leaving the bears in a distinct minority. In the meantime, 100 pips from the spot there is no meaningful gap between the buy (49%) and sell (51%) orders.
Source: Dukascopy
