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Swiss Franc Shows Bullish Outlook

Swiss Franc Shows Bullish Outlook

2011-12-21 18:11:00
David Rodriguez, Head of Product
Share:
ssi_usd-chf_body_Picture_10.png, Swiss Franc Shows Bullish Outlook

USDCHF – A sudden shift towards crowd USDCHF buying gives contrarian signal that the pair could see fresh lows. Yet we see relatively limited chance of substantial currency moves into the final trading days of 2011.

The ratio of long to short positions in the USDCHF stands at 1.47 as nearly 59% of traders are long. Yesterday, the ratio was at 1.52 as 60% of open positions were long. In detail, long positions are 14.4% lower than yesterday and 47.8% stronger since last week. Short positions are 11.6% lower than yesterday and 35.0% weaker since last week.

The broad shift towards USDCHF buying gives us a contrarian bearish bias. Yet we only forecast USDCHF declines with the clear caveat that major breakdowns seem unlikely into the slow-moving end to the year’s trading.

How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To receive the SSI via e-mail and other reports from author David Rodríguez, e-mail subject line “Distribution List” to drodriguez@dailyfx.com

Contact David via Twitter at http://www.twitter.com/DRodriguezFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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