Swiss Franc Forecast to fall Against USD
Forex speculators are now their most net-short the US Dollar (ticker: USDOLLAR) against the Swiss Franc since the USDCHF broke to fresh 4-month highs above SFr 0.93 in May, and such one-sided sentiment gives clear reason to watch for further USD strength.
According to our retail speculator-based Speculative Sentiment Index, there are now 2.4 open orders short USDCHF for every long. Total short interest is an impressive 43 percent above levels seen last week as the USD takes out fresh peaks. All eyes are now focused on the psychologically significant SFr 1.00 mark as the next critical resistance for the USDCHF.
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--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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