USD/CHF hangs on to 0.9465/54

USD/CHF hangs on to 0.9465/54

'We believe that at the current time the franc is still highly valued.' - SNB (based on Bloomberg)

Pair's Outlook

USD/CHF has managed to withstand downward pressure and keep the rising support line more or less intact. However, there still persists a possibility of the pair dipping down to 0.9369/61 (200-day SMA), which we cannot yet rule out, prior to a full-blown recovery. Thus the price should eventually reach 0.9567, while further advancement, up to 0.9972, may also be considered to be a viable scenario.

Traders' Sentiment

There are less and less traders who see USD/CHF moving north in the future, despite the fact that the greenback is generally preferred to the Swiss Franc. Now the share of long positions is 44%, but the advantage of bears is growing and may easily expand even more. Concerning orders, 56% of them are buy and 44% are sell.