Technical Analysis USD/CHF decelerates ahead of weekly R2
Technical Analysis USD/CHF for August 01, 2014
Pair’s Outlook
USD/CHF took a break ahead of the weekly R2 and Bollinger band, but there should be no difficulties for the pair to reach the 2014 peak at 0.9156, as suggested by the daily and weekly studies. If we get to see trading taking place above this level, we will consider the 2013 Nov 7 high as the next target, but it must be noted that the monthly indicators are not in favour of a rally, except for the neutral ones most are pointing downwards.
Traders’ Sentiment
While there is a clear advantage in the number of longs (74% of the market), 50 pips from the spot a majority of the commands is to sell the U.S. Dollar against the Swiss Franc. Though 100 pips from the spot already 63% of the orders are to buy the Greenback.
Source: Dukascopy
