Swiss Franc Forecast Turns Bullish
USDCHF – A recent shift in USDCHF sentiment suggests that the pair could see further short-term declines. Last week we pointed out a substantial shift in USDCHF positioning that called for further rallies. Indeed, it does seem as though the USDCHF set a lasting bottom and stands to rally through the coming months. Yet that doesn’t preclude shorter-term declines, and that’s exactly what the SSI forecasts for upcoming trade.
The ratio of long to short positions in the USDCHF stands at 1.86 as nearly 65% of traders are long. In detail, long positions are 0.7% lower than yesterday and a sizeable 62.3% stronger since last week. Short positions are 10.7% lower than yesterday and 22.9% weaker since last week. The SSI is a contrarian indicator and signals more USDCHF losses.
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