FOREX ANALYSIS: Swiss Franc Outlook Favors Gains
USDCHF –Retail forex traders have remained aggressively net-long the US Dollar (ticker: USDOLLAR) versus the Swiss Franc since it crossed below the SFr 0.9500 mark in early September. We have accordingly called for further declines, and a recent build in long positions solidifies our bearish bias.
There are currently 3.4 retail traders long the USDCHF for every one that is short. Said ratio is mostly unchanged since last week and leaves our contrarian bearish bias intact.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.