FX.co ★ Speculators Trim Bearish Bets on Swiss Franc as Net Short Positions Narrow

Speculative traders have slightly reduced their bearish exposure to the Swiss franc, according to the latest Commitments of Traders data released on 20 February 2026. CFTC figures show net positions in CHF futures improving from -42.3K contracts previously to -40.9K contracts.

While positioning remains firmly net short, the modest narrowing suggests some market participants are beginning to scale back their negative CHF outlook. The shift may reflect changing risk sentiment or evolving expectations around monetary policy and macroeconomic conditions affecting Switzerland and its currency. However, with net shorts still sizeable, the data indicates that skepticism toward the franc persists among speculative investors.