Swiss Franc Looks to Gain Versus US Dollar

USDCHF – One-sided forex crowd sentiment extremes have led three SSI-based trading strategies to go short the USDCHF, and our short-term forecast remains fairly bearish the US Dollar against the Swiss Franc. The ratio of long to short positions in the USDCHF stands at 2.52 as nearly 72% of traders are long. Yesterday, the ratio was at 2.89 as 74% of open positions were long. In detail, long positions are 2.1% lower than yesterday and 16.3% stronger since last week. Short positions are 12.1% higher than yesterday and 6.9% stronger since last week. Much like in the EURUSD, there is clear risk that the USDCHF will hold its long-standing trading range. Yet our short-term bias remains bearish on one-sided crowd sentiment.