Swiss franc COT report
This page tracks speculative positioning in CME Swiss Franc futures: the latest net position, the weekly change, the long-short split and where the reading sits within stored history. The franc is the market's classic fear gauge, so its positioning often moves before the reasons are obvious.
01 —— Latest positioning
02 —— Weekly history
The contract: Swiss Franc futures (6S)
The 6S contract on the CME prices the franc in US dollars. It is a smaller market than the euro or yen contracts, so the non-commercial net position can look large relative to open interest — treat the level with a little more humility than the bigger contracts and weight the weekly change more heavily.
The Swiss National Bank's history of intervention hangs over this market. Speculators remember the floor and its removal, which is one reason franc positioning tends to sit net short in calm times: the market's default assumption is that the SNB prefers a weaker franc.
What drives speculative franc positioning
Risk sentiment is the franc's primary driver. In calm, risk-on periods speculators short the franc as a funding currency; when fear rises — geopolitics, banking stress, equity drawdowns — the shorts cover fast and the net position lurches toward flat or long. The franc often leads other safe havens because its speculative base is smaller.
Swiss inflation runs lower than elsewhere, which keeps the SNB's policy path comparatively predictable. That predictability is exactly why the franc is used as a funding leg: the rate story rarely surprises, so positioning is mostly a sentiment thermometer.
Reading 6S against USDCHF — the inversion
One mechanical point matters here: currency futures are quoted in US dollars per unit of the foreign currency. A net long position in this contract is therefore a bet on the foreign currency against the dollar — for pairs quoted the other way (USDJPY, USDCHF, USDCAD) a net long futures position means a bearish lean on the pair, and a net short position means a bullish lean. The table above applies that flip for you.
A practical example: if the table shows a growing net long in franc futures, speculators are positioned for USDCHF to fall. If the net short is deepening, they are positioned for USDCHF to rise.
How StraviaX uses franc positioning
Franc COT feeds the conviction layer on USDCHF and the franc crosses, with the inversion applied automatically. Because the contract is thinner, a single week's move is given less weight than a sustained trend in the net position, and positioning never moves the headline score.
How StraviaX calculates this
The figures come from the CFTC Commitments of Traders report, non-commercial (speculative) positions in the listed futures contract. The data is as of Tuesday and published on Friday; this page shows both dates and flags the data as delayed when the latest report is more than ten days old.
The range position compares the current net position only with the history StraviaX has stored (since January 2026; gold since May 2026). It is labelled honestly — "within its range since January 2026" — and is never described as a one-year or three-year extreme until the stored history covers that span.
Inside StraviaX, COT positioning shapes the conviction label on a pair read. It never drives the headline macro score, which is built from rates, growth, inflation, spending, labour data and data surprises.
Frequently asked questions
What is the Swiss franc COT report?
The CFTC's weekly positioning data for CME Swiss Franc futures. This page shows the speculative net position, its weekly change and where it sits in stored history.
Does net long 6S mean bullish USDCHF?
No — the opposite. Franc futures are priced in dollars per franc, so net long 6S means speculators expect the franc to rise, a bearish lean on USDCHF. Net short 6S is a bullish USDCHF lean.
Why is the franc usually net short?
Low Swiss rates and the SNB's preference for a weaker franc make it a popular funding currency. Speculators short it in calm times and cover when risk sentiment deteriorates.
How current is the franc data here?
The CFTC publishes it every Friday as of the previous Tuesday. Both dates are shown on the page, with a notice if the latest report is more than ten days old.
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For information only, not investment advice. See the disclaimer.