Swiss Franc Sentiment Leaves Bias Unclear
USDCHF – A noteworthy reversal in the US Dollar/Swiss Franc pair has been met with a similar correction in crowd sentiment, clouding short-term forecasts for said currency. The ratio of long to short positions in the USDCHF stands at 2.63 as nearly 72% of traders are long. Yesterday, the ratio was at 4.50 as 82% of open positions were long. In detail, long positions are 16.4% lower than yesterday and 11.3% weaker since last week. Short positions are 44.8% higher than yesterday and 38.3% stronger since last week. Open interest is 5.3% weaker than yesterday and 13.4% above its monthly average. The sharp jump in short positions essentially offsets our previously bearish USDCHF bias.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.