Swiss Franc Forecast to Appreciate
USDCHF – Trading crowds are once again net-long the US Dollar against the Swiss Franc, giving contrarian signal that the pair may continue its recent losses. The ratio of long to short positions in the USDCHF stands at 1.38 as nearly 58% of traders are long. Yesterday, the ratio was at 1.29 as 56% of open positions were long. In detail, long positions are 4.1% higher than yesterday and 0.6% stronger since last week. Short positions are 2.9% lower than yesterday and 1.0% weaker since last week.
The net-long SSI ratio and continued crowd USDCHF buying gives contrarian signal that the pair may continue its recent declines.
How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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