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Euro Very Likely to Test 1.20 versus Swiss Franc

Euro Very Likely to Test 1.20 versus Swiss Franc

David Rodriguez, Head of Product
Euro Very Likely to Test 1.20 versus Swiss Franc

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EURCHFRetail traders remain near their most long the Euro versus the Swiss Franc on record, and it seems almost-inevitable that the EURCHF tests the Swiss National Bank’s stated floor at SFr1.20.

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

Euro Very Likely to Test 1.20 versus Swiss Franc

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.