Swiss Franc Likely to Trade in Range
USDCHF – Forex trading crowds remain net-long the US Dollar against the Swiss Franc but have scaled back long positions. Mixed sentiment gives us a similarly unclear outlook on the slow-moving USDCHF pair.
The ratio of long to short positions in the USDCHF stands at 1.52 as nearly 60% of traders are long. Yet shorts are up 15.2% from last week while longs have fallen 14.8%. The USDCHF continues trading in a relatively quiet trading range, and we may have to see a bigger swing in sentiment to take a strong stance on the US Dollar/Swiss Franc exchange rate.
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--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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