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Forex Sentiment Gives Little US Dollar/Swiss Franc Bias
Friday, 02 January 2009 21:28:09 GMT  |  David Rodriguez, Quantitative Analyst and Antonio Sousa, Chief Strategist
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USD/CHF ratio: 1.13
Trading Forecast: Bearish

USDCHF – The ratio of long to short positions in the USDCHF stands at 1.15 as nearly 53% of traders are long. Yesterday, the ratio was at 1.03 as 51% of open positions were long. In detail, long positions are 18.2% lower than yesterday and 6.7% weaker since last week. Short positions are 26.6% lower than yesterday and 40.3% weaker since last week. Open interest is 22.3% weaker than yesterday and 57.7% below its monthly average. The SSI is a contrarian indicator and signals more USDCHF losses. Yet we caution that extremely low open interest levels give us very little confidence in these forecasts. Our forex trading signals previously went short the USD/CHF for sizeable profits, but the strategies now hold a weaker bias.

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