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US Dollar at Potentially Significant Turning Point versus Swiss Franc

US Dollar at Potentially Significant Turning Point versus Swiss Franc

Christopher Vecchio, CFA, Senior Strategist
ssi_usd-chf_body_x0000_i1036.png, US Dollar at Potentially Significant Turning Point versus Swiss Franc

USDCHF Retail FX traders have reduced their extreme positioning since being their most long the US Dollar against the Swiss Franc since it traded towards Sfr0.7000 in 2011 – another warning of a potential price and sentiment extreme in a USD pair.

Trade Implications – USDCHF: As with the Euro and British Pound, the fact that traders are so aggressively short the Swiss Franc suggests we might be at a potential top (USDCHF bottom).

The clear caveat is that major extremes and price lows/highs are only clear in hindsight. We’re keeping a close eye on sentiment and may wait until our SSI-based Momentum2 system heads in the opposite direction before getting long.

--- Written by Christopher Vecchio, Currency Analyst for DailyFX.com

ssi_usd-chf_body_x0000_i1041.png, US Dollar at Potentially Significant Turning Point versus Swiss Franc

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Contact Christopher via email at cvecchio@dailyfx.com.

Twitter at http://www.twitter.com/CVecchioFX

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