Euro Very Likely to Test 1.20 versus Swiss Franc
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Trade Implications – EURCHF:Almost 98 percent of open positions were long the EURCHF last week, and even the fact that open short positions more than doubled leaves the crowd at 93% long. Such one-sided positions give us a steady contrarian signal that the pair may continue lower, but the obvious question is whether the Swiss National Bank will ably defend the critical SFr1.2000 mark.
See next currency section:EURUSD - Euro at Potentially Significant Turning Point
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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