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Forex Reversal in Store for Swiss Franc?
By DailyFX Updates | October 1, 2007
We just published our COT Report on DailyFX.com
Although EUR/USD positioning is not at any extreme levels, Swiss position is.
According to David Rodriguez:
CHF: Speculative positioning has reached extreme overbought levels on the Swiss Franc (oversold on the USDCHF), suggesting that a turn may occur in the coming weeks of trade. Though we are reminded that positioning can remain extreme for extended periods of time, it remains relatively clear that the CHF has less scope for a continued medium term rally. Similarly overextended Commercial Net Longs support this view, with the COT Difference coefficient (line in green) at its highest since mid-2006. At this point the USDCHF based near 1.1900 on its way to 1.2800.
Tags: currency market, dailyfx, forex release
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