Technical Analysis USD/CHF stops after six-day winning streak
Technical Analysis USD/CHF for Tuesday, July 29, 2014
Pair’s Outlook
USD/CHF failed to rise for a seventh day in a row by giving up 10 pips yesterday, but this does not invalidate the bullish outlook on the pair. The nearest support is at 0.9023, represented by the weekly PP, and as long as the U.S. Dollar is above 0.90, 0.9156 (2014 high and monthly R3) will be viewed as a target in the mid-term. However, the monthly technical indicators in the meantime are mostly pointing downwards.
Traders’ Sentiment
Just as yesterday or five days ago an overwhelming majority of the market is considering the Buck to be undervalued with respect to the Franc, namely 74% of the SWFX market participants. But at the same time there is no difference between the buy and sell orders.
Source: Dukascopy
