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US Dollar - Swiss Franc Positioning Forecasts Near-Term Strength
Thursday, 06 November 2008 14:52:50 GMT  |  David Rodriguez, Quantitative Analyst
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USD/CHF Ratio: -1.89
Trading Forecast: Bullish

Forex Positioning in the US Dollar - Swiss Franc Currency Pair

Forex_Forecasts_2008-11-06_5

USDCHF – Forex trader positioning in the US Dollar-Swiss Franc pair has become extremely bearish, with 66 percent of traders currently short the USD/CHF. Such sentiment extremes have typically coincided with opposite movements in price, and indeed we see that the US Dollar-Swiss Franc pair has continued to rally through recent trade. In detail, long positions are 4.5% lower than yesterday and 33.7% weaker since last week. Short positions are 4.5% higher than yesterday and 23.8% weaker since last week. Open interest is 1.2% stronger than yesterday and 44.8% below its monthly average. The SSI is a contrarian indicator and signals more USDCHF gains. Our forex trading signals have, as a result, aggressively bought US dollars against the Swiss Franc through recent trade.

Written by David Rodríguez, Quantitative Analyst for DailyFX.com

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