Technical Analysis USD/CHF puts pressure on 0.91
Technical Analysis USD/CHF for July 31, 2014
Pair’s Outlook
Yesterday’s test of the monthly R2 did not result in a rally above 0.91, but there is still a good chance the bulls are going to play the main role. Once this resistance is moved aside, there will be no significant levels between the spot and this year’s high at 0.9156. In case the rally extends beyond this point as well, regardless of the bearish monthly indicators, there is supposed to be a strong supply area next to 0.9250, represented by the 2013 Nov 7 high.
Traders’ Sentiment
There was just a slight decline in the percentage of long positions open in the market—from 74% to 71%, meaning an overwhelming majority of the traders is waiting for USD/CHF to go even higher from the current trading levels.
Source: Dukascopy
