[B]USD/CHF Ratio: -1.97
[/B][B]Signal: Bullish[/B]
[B]Currency[/B] [B]Last Week[/B] [B]Present*[/B] [B]% Long[/B] [B]% Change in Positions Outstanding[/B] [B]Signal[/B] USDCHF -2.13 [B]-1.97[/B] 34% -0.71% Bullish
[B]USDCHF – [/B]The USDCHF’s extreme SSI reading is steadily easing, suggesting the pair’s strong advance may be losing some steam. Nonetheless, speculative retail traders were still putting forth a considerable effort to fight the trend with nearly 66% of the market group holding short positions, pushing the ratio to -1.97. The modest - yet steady - decline in this gauge over the past two weeks aligns itself to underlying price action, which has seen the pair turn to congestive price action after a near 500 point rise through the end of April. Looking to the breakdown, the modest change in the ratio is further reflected through the details. Net positioning fell a meager 0.1% from last Thursday and stands only 2.4% above the monthly average. Open long positions slipped 1.6% from yesterday, though are 6.7% stronger on the week. Shorts saw similar interest, growing 2.6% from Wednesday yet falling 4.1% on the week. As a contrarian indicator, the SSI points to further USDCHF upside.