Speculative traders have slightly reduced their bearish exposure to the Swiss franc, according to the latest Commitments of Traders data released by the U.S. Commodity Futures Trading Commission (CFTC) on 25 September 2026.
Net speculative positions in CHF futures improved to -26.8K contracts, compared with -29.0K previously, indicating a modest contraction in net short positions. While sentiment toward the franc remains negative overall, the move suggests some easing in downside conviction among speculative investors.
The shift may reflect changing expectations around Switzerland’s monetary outlook or global risk appetite, as market participants reassess the role of the traditionally defensive currency within their portfolios. However, with net positioning still firmly in negative territory, traders overall continue to bet against further franc strength for now.
