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 USD/CHF Heads Towards 0.87

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fxpulsation



Posts : 8759
Join date : 2012-01-25

PostSubject: USD/CHF Heads Towards 0.87   Mon Mar 10, 2014 10:46 am



USD/CHF Heads Towards 0.87

'The upshot of the jobs report that the chance of another reduction at the Federal Reserve's March meeting went to 100%. That takes away the short-term downside risk for the dollar.' - BMO Capital Markets (based on MarketWatch)

Pair's Outlook

USD/CHF's short-run outlook remains bearish. The exchange rate is expected to fall down to 0.87, where it will meet the down-trend support line and the monthly S1. There the greenback will have a good opportunity to start a robust recovery by breaking out of the falling wedge pattern, which has been formed for the past year. Conversely, if the buying pressure turns out to be insufficient, the rate may fall down to the 2011 lows at 0.86.

Traders' Sentiment

There was only a marginal increase in the portion of long positions opened, from 73% to 74%, meaning the sentiment towards USD/CHF stays strongly bullish. In the meantime, the buy orders (68%) are gaining advantage over the sell ones (32%).
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