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.
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
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