Swiss Franc expected to Fall Further
USDCHF – A sudden shift towards crowd USDCHF selling gives contrarian signal that the pair could see fresh highs.
The ratio of long to short positions in the USDCHF stands at -1.39 as nearly 58% of traders are short. Yesterday, the ratio was at 1.14 as 53% of open positions were long. In detail, long positions are 24.9% lower than yesterday and 24.6% weaker since last week. Short positions are 19.8% higher than yesterday and 36.3% stronger since last week. Open interest is 4.1% weaker than yesterday and 2.4% below its monthly average.
The broad shift towards USDCHF selling gives us a contrarian bullish bias.
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--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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