- SMBC Nikko Securities Inc. (based on Bloomberg)
The bulls are currently eroding the 100-day SMA, and if they succeed, the next target will be a cluster of resistances around 1.1150. There the monthly pivot point joins forces with the weekly R2 level and the 55-day SMA. On the other hand, if the price fails to gain a foothold above 1.10, the focus will return to the May low. In any case, the technical indicators, especially in a monthly chart, do not warrant a prolonger recovery.
The sentiment among the SWFX market participants continues to deteriorate, as the gap between the bulls and bears has widened from 10 to 16 percentage point. At the same time, the share of buy orders increased from 36 to 41%.