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Swiss Franc Uptrend Intact

Swiss Franc Uptrend Intact

2011-05-19 14:52:00
David Rodriguez, Head of Business Development
Share:
ssi_usd-chf_body_Picture_10.png, Swiss Franc Uptrend Intact

USDCHFCrowds 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. Yet the past weeks have seen a progressive drop in long positions and similar build in short interest. The ratio of long to short positions in the USDCHF stands at 2.03 as nearly 67% of traders are long—contrarian bearish.

It is worth noting that long positions are 10.9% lower than yesterday and 0.6% weaker since last week. Short positions are a significant 19.2% lower than yesterday but 15.9% stronger since last week. Open interest is 13.8% weaker than yesterday and 8.1% below its monthly average. The trading crowd remains overall sharply net-long, giving us a longer-term bearish bias. Yet the more recent build in short interest suggests the pace of declines could slow.

To get on the mailing list for the SSI and other reports from author David Rodriguez, e-mail subject line “Distribution list” to

drodriguez@dailyfx.com

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