(MENAFN- DailyFX)
Number of traders net-short has decreased by 11.24% from last week.
SYMBOLTRADING BIASNET-LONG%NET-SHORT%CHANGE IN LONGSCHANGE IN SHORTSCHANGE IN OI
| USD/CHF | BEARISH | 51.96% | 48.04% | 11.68% Daily 10.14% Weekly | -25.84% Daily -11.24% Weekly | -10.16% Daily -1.29% Weekly |
USD/CHF : Retail trader data shows 51.96% of traders are net-long with the ratio of traders long to short at 1.08 to 1. In fact, traders have remained net-long since Aug 31 when USD /CHF traded near 0.98, price has moved 1.85% lower since then. The number of traders net-long is 11.68% higher than yesterday and 10.14% higher from last week, while the number of traders net-short is 25.84% lower than yesterday and 11.24% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USD/CHF prices may continue to fall.
Our data shows traders are now net-long USD/CHF for the first time since Aug 31, 2022 03:00 GMT when USD/CHF traded near 0.98. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USD/CHF-bearish contrarian trading bias.
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