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Swiss Franc Outlook Remains Bearish

Swiss Franc Outlook Remains Bearish

David Rodriguez, Head of Product
ssi_usd-chf_body_Picture_10.png, Swiss Franc Outlook Remains Bearish

Retail forex speculators remain aggressively short the US Dollar (ticker: USDOLLAR) against the Swiss Franc, giving us consistent contrarian signal that the pair may trade to fresh highs. It is worth noting that short interest has fallen a noteworthy 21 percent since last week, while long positioning was roughly flat.

Trading crowds first turned net-short USDCHF as the pair crossed above SFr 0.9100 and have remained short with little interruption. We remain bullish USDCHF as a result, but the important decline in short interest warns that the pace of gains may slow.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To receive the Speculative Sentiment Index and other reports from this author via e-mail, send a message with subject line “Distribution List” to drodriguez@dailyfx.com

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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