USD/CHF Ratio: -2.13
Signal: Bullish
| Currency | Last Week | Present* | % Long | % Change in Positions Outstanding | Signal |
| USDCHF | -2.12 | -2.13 | 32% | -0.25% | Bullish |
USDCHF – Risk trends must be loosing there influence over the currency market if the USDJPY is relegated to a slow advance while USDCHF enjoys a much more aggressive reversal. Like last Thursday, the Swissie-based major has produced another sharp rally that has cleared range resistance. As we would expect, retail traders have fought the move with the SSI ratio growing more extreme with a -2.13 figure that represents 68% of traders holding short positions. Then again, though the pair is pushing a new extreme, the change from net change in position from last week has been relatively modest. Long interest grew a meager 0.5% from yesterday and is only 1.5% greater than yesterday. At the same time, shorts rose 3.3% from yesterday and are 1.0% lower than last Thursday. Total positions are 2.4% greater than yesterday and 5.7% above the monthly average. As a contrarian indicator, the USDCHF’s SSI reading offers the strongest call for further gains across the majors.
