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 2.49 as nearly 71% of traders are long. Long positions are 3.7% lower than yesterday yet 32.3% stronger since last week. Short positions are 4.3% higher than yesterday but 33.9% weaker since last week.
Consistent USDCHF buying suggests that the pair could continue towards fresh lows.
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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