USDCHF – Forex trading crowds have turned net-long the US Dollar against the Swiss Franc, giving contrarian signal that the pair could trade lower through the foreseeable future.
The ratio of long to short positions in the USDCHF stands at 1.18 as nearly 54% of traders are long. Yesterday, the ratio was at 1.36 as 58% of open positions were long. In detail, long positions are 3.6% higher than yesterday and 3.6% weaker since last week. Short positions are 19.7% higher than yesterday and 19.3% stronger since last week.
The shift towards crowd USDCHF buying gives us contrarian signal that the pair may continue to trade at least modestly lower.
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
