Technical Analysis USD/CHF continues to struggle with 0.91
Technical Analysis USD/CHF for August 13, 2014
Pair’s Outlook
Yesterday’s attempt to break 0.91 did not turn out to be successful. Accordingly, USD/CHF keeps trading under the weekly R1 level. The pair nonetheless has the potential to rise and challenge this year’s highest point, namely 0.9156. The bullish outlook is based on the premise of two dense demand areas supporting the price, specifically around 0.90 (up-trend, monthly PP and 55-day SMA) and around 0.8950 (monthly S1 together with 100 and 200-day SMAs).
Traders’ Sentiment
While there is still no change in the distribution between the bulls (72%) and bears (28%) in the market, right now there are relatively a lot more buy orders than yesterday, as their share 50 pips around the spot jumped from 47 to 74%.
Source: Dukascopy
