There were a lot of people burned by the ‘one-way-bet’ in EUR/CHF but it seems the market always wants to play with fire.
Speculative USD longs are at record highs according to most measures with these positions spread across the board. EUR is obviously still the number 1 sell, followed by JPY, AUD, CAD and GBP.
This position building will not continue and will end badly for many over-leveraged speculators. Like I said yesterday, once it turns, liquidity will evaporate and no-one will be able to exit where they would ideally like.