Swiss Franc Outlook Turns Bullish
USDCHF - The ratio of long to short positions in the USDCHF stands at 2.03 as approximately 67% of traders are long. Yesterday the ratio was 1.52. In detail, long positions are 9.4% higher than yesterday and 15.5% above levels seen last week. Short positions are 18.0% lower than yesterday and 13.5% below levels seen last week. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the USDCHF may continue lower. Current SSI is higher than yesterday and higher from last week. The combination of current sentiment and recent changes gives a further bearish trading bias.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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