USD/CHF depressed under weekly PP

USD/CHF depressed under weekly PP

“In the short term, Switzerland is by far the biggest manipulator, not just in relation to the size of its own economy, but astonishingly also in absolute terms.” - Adviser to the International Monetary Fund (based on Bloomberg)

Pair's Outlook

For the past 3 session pair has been testing weekly PP at 0.918 which is not giving up. It is likely that close proximity of 20 and 55 day SMA’s is adding pressure to the pair bulls as well. Developments in market sentiment during the weekend and readings of technical indicators suggest that pair is very likely to lose all of its last weeks gains with a dip to 0.908, maybe even to 0.901.

Traders' Sentiment

Market sentiment changed dramatically during the weekend—share of long traders in the market decreased by 19%, at the moment they account for 70% of all traders. It is likely that market sentiment will continue moving towards equilibrium as majority of pending orders (59%) are to go short