USDCHF Nears Critical Resistance as Sentiment Favors Losses
USDCHF –Retail forex trading crowds have remained steadily net-long the US Dollar (ticker: USDOLLAR) versus the Swiss Franc since it crossed below SFr 0.9500, but positioning has moderated since last week.
Trade Implications – Our overall trading bias favors further USDCHF weakness, but technical forecasts emphasize that a break above the key SFr 0.9240 mark could signal a bigger turn higher is likely.
--- 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.