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Swiss Franc –Retail FX traders remain their most long US Dollar versus the Swiss Franc since the USDCHF traded on its way to modern lows in 2011.
Trade Implications USDCHF – The surge in USDCHF buying leaves us little choice but to remain in favor of further weakness, and indeed our sentiment-based trading strategies have recently sold into weakness.
The crowd is often its most long at the bottom, but those sentiment extremes are only clear in hindsight. As long as retail traders continue buying into USDCHF weakness, we have little choice but to favor the downside.
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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