Config.
Marché
Rapport
Unité

COT CHF/USD

Période
Échelle

As-of mardi · close vendredi · source CFTC

Long vs Short

Long et short en % d’OI (catégorie focus)

Δ 4 semaines

Variation du net vs le rapport d’il y a 4 semaines

Cette semaine

Catégorie Long Short Spreading Net Δ Long Δ Short Δ Net % OI long % OI short

Historique

FX · CME

What is the CHF/USD futures contract?

CHF/USD

Satellite of EUR/USD

A long means…

Exposure to a rise in the Swiss franc versus the dollar — the inverse of spot USD/CHF.

What is this?

The Swiss franc is Switzerland’s currency — a refuge when risk fades. The Swiss National Bank’s rates and, at times, intervention to cap franc strength weigh as much as the Fed. The CME future is quoted in dollars per franc: when the franc strengthens, the contract rises. Interbank spot is written USD/CHF, the other way round. Importers, exporters and corporates hedge franc-dollar; managers hedge a Swiss portfolio.

At expiry, francs are delivered against dollars. Most positions are closed or rolled beforehand. A net long here is not a bet that the dollar is rising against the franc.

Pitfalls

  • Long CHF/USD is not long spot USD/CHF.
  • Not a gold contract and not an SNB rate.
  • Not the USD Index (CHF is only a small basket leg).

Univers LIX

Le positionnement n’est pas le risque

Le COT décrit qui est positionné. Le LIX décrit le niveau de risque de marché — 12 indicateurs, hors COT.