Swiss Franc Uptrend Intact vs. US Dollar
USDCHF – Crowds have remained net-long the US Dollar against the Swiss Franc since the pair traded near the 1.10 mark, giving consistent contrarian signal to stay short the fast-falling pair. More recently we have seen a drop in long interest as the USDCHF bounces off of lows. Yet the ratio of long to short positions in the USDCHF stands at 2.65 as nearly 73% of traders are long. Yesterday, the ratio was at 2.47 as 71% of open positions were long. In detail, long positions are 0.8% higher than yesterday and 18.7% weaker since last week. Short positions are 5.9% lower than yesterday and 8.0% weaker since last week. As with the USDJPY, we believe that the recent moderation in the SSI ratio suggests downward momentum could slow. Yet crowds remain overwhelmingly net-long and give contrarian signal to watch for further declines.
To get on the mailing list for the SSI and other reports from author David Rodriguez, e-mail subject line “Distribution list” to
How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.