🧮 Hedge Funds Cut Swiss Franc Net Short to Lowest Since Early March: Cable FX Macro
- Rosbel Durán
- May 22, 2023
- 1 min read
**As seen in IMM Positioning report 05/19/23, subscribe at cablefxm.co.uk/reports
Hedge funds reduced its Swiss franc net short position to the lowest since the week of March 7th, short contracts fell to -1.84K from -2.91K. The move sent CHF futures % of open interest to -4.2%, the reading is now 2.2 percentage points below its 5-year average
We have not seen consecutive periods of leveraged funds holding a net long in CHF futures since early 2021, however, there is a clear trend in place as the bearish position has been trimmed since late last year
EUR/CHF has now broken support and trades at fresh YTD lows, the spot price reached 0.9677 on Monday session, this is the lowest level since mid-October
There is potential for further downside in USD/CHF and EUR/CHF as hedge funds positioning is not net long, yet. Also, the % of open interest in futures held by speculators remains below its long-term average
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