Shift in Trader Sentiment
Retail trader data indicates that 46.52% of traders are net-long on EUR/CHF, with a short-to-long ratio of 1.15 to 1. This marks the lowest net-long position since March 21, when EUR/CHF was trading near 0.97. Comparatively, the number of traders net-long has decreased by 2.02% from yesterday and 6.28% from last week, while the number of traders net-short has increased by 1.36% from yesterday and 5.19% from last week.
Our contrarian view to crowd sentiment suggests that with traders increasing their net-short positions, EUR/CHF prices might continue to rise.
The recent shift towards more net-short positions both from the previous day and over the past week reinforces our stronger EUR/CHF-bullish contrarian trading bias.