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Swiss franc: Commitments of Traders

CFTC positions as of the close on 13 October 2026. SWISS FRANC - CHICAGO MERCANTILE EXCHANGE, contracts of chf 125,000.

Speculators net short25,088

Change on the week+3,740

Rank in 2 years82nd

Open interest153,651

This week

In the week to 13 October 2026, non-commercial traders in Swiss franc held a net short position of 25,088 contracts. That is 3,740 contracts more than a week earlier. Commercial traders were net long 39,175, which is the other side of the same market. A year ago the speculative net was short 27,824, so it has moved by 2,736 contracts since. Longs were 34.2% of speculative positions. 64 traders reported.

Bar charts in detail

1. Who is long and who is short, in the week to 13 October 2026

Short positions extend to the left in red, long positions to the right in blue, each scaled against the biggest single side in this market. Percentages are of open interest.

Non-commercial (speculators) net −25,088

52,363 34.1% 27,275 17.8%

Commercial (producers, hedgers) net +39,175

61,499 40.0% 100,674 65.5%

Non-reportable (small traders) net −14,086

24,339 15.8% 10,253 6.7%

2. How the week's change was made

Change in each side since the previous report, as published by the CFTC. A rising net can come from longs being added, shorts being closed, or both; this shows which.

Non-commercial long +1,972

Non-commercial short −1,768

Commercial long −820

Commercial short +2,288

Open interest +1,773

3. Speculative net position, week by week

Last 52 weeks. Blue bars are net long, red bars net short. Hover a bar for the week and the value.

4. Weekly change in the speculative net

Blue bars: speculators added to their net position that week. Red bars: they reduced it. Tall bars of either colour are the unusual weeks.

5. Open interest, week by week

Total contracts outstanding. Rising open interest means money is entering the contract; falling means positions are being closed.

Where each group sits against its own year

0 means a group is at its most net short of the last 52 weeks, 100 at its most net long. It says where positioning is, not what price does next.

Commercials (producers, hedgers) the group classic COT analysis calls "smart money"

35 net +39,175 (+25.5% of OI)

Mid-range.

Speculators (funds, managed money) trend-following money with no commercial business in it

79 net −25,088 (−16.3% of OI)

In the top quarter of its range.

Small traders (non-reportable) the group classic analysis calls "dumb money"

10 net −14,086 (−9.2% of OI)

Near its most net short of the year.

Who holds what

Trader category	Long	Short	Net	Week change (long)
Non-commercial (speculators)	27,275	52,363	−25,088	+1,972
Commercial (producers, hedgers)	100,674	61,499	+39,175	−820
Non-reportable (small traders)	10,253	24,339	−14,086	–
Non-commercial spreading	15,450 on both sides		0	–

Spreading is a speculator holding an equal long and short in different months, so it nets to zero and is listed apart. The three net figures should sum to zero, because a futures market cannot be net long or net short overall, only differently distributed between the people in it. In the Commission's published figures they occasionally miss by a contract or two: for the week shown the three nets sum to 1. That is rounding in the source, not an error on this page, and we leave the CFTC's numbers as published rather than adjusting one to make the column balance.

The last two years

Speculative net position in Swiss franc, Oct 2024 to Oct 2026. Above the line is net long, below it net short.

Week	Spec net	Change	Long share	Open interest
13 Oct 2026	−25,088	+3,740	34.2%	153,651
6 Oct 2026	−28,829	−333	31.9%	151,878
29 Sep 2026	−28,496	+827	31.6%	146,733
22 Sep 2026	−29,321	+2,017	30.1%	145,150
15 Sep 2026	−31,338	−950	28.1%	182,847
8 Sep 2026	−30,389	−5,401	26.3%	165,381
1 Sep 2026	−24,987	−4,942	30.0%	150,679
25 Aug 2026	−20,046	+9,281	33.2%	125,831
18 Aug 2026	−29,327	+5,154	23.1%	128,176
11 Aug 2026	−34,481	−330	16.6%	124,484
4 Aug 2026	−34,150	+917	18.4%	125,043
28 Jul 2026	−35,068	+341	17.0%	128,428
21 Jul 2026	−35,409	+2,641	16.7%	122,513
14 Jul 2026	−38,049	+386	15.9%	117,272
7 Jul 2026	−38,435	+1,609	16.5%	116,915
30 Jun 2026	−40,044	+1,853	12.6%	115,034

Across the 104 weeks held, the speculative net ranged from -44,140 to -19,306, averaging -32,366. This week's -25,088 sits at the 82nd percentile of that range. Two years is a short window, and a position that looks far from its recent average can stay there for months. It describes where positioning has been, not where price goes.

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What this report is, and what it is not

The CFTC requires anyone holding more than a set number of contracts in a US futures market to report their position. Every Friday afternoon the Commission publishes the totals as they stood at Tuesday's close, split by the kind of trader holding them. The gap between Tuesday and Friday is deliberate and cannot be shortened: the figures are always three days old when you first see them.

Non-commercial traders have no commercial use for the underlying. Commercial traders do: a miner selling forward, an airline hedging fuel, a mill buying wheat. Non-reportable is everybody below the reporting threshold. The categories describe why someone is registered, not how clever they are, and the common framing of commercials as "smart money" does not follow from the data: a producer hedging output sells into a rising market because that is their business, not because they predict a fall.

Nothing on this page is a signal. Positioning shows how crowded a trade was on a particular Tuesday. It does not say when a crowd disperses, and crowded positions have stayed crowded for many months at a time in most of these markets.

Other currencies markets

Source: CFTC Commitments of Traders, legacy futures-only report, contract market code 092741. Net positions, long share and the two-year rank are our arithmetic on the Commission's published figures; every input is in the tables above. Educational only, not financial advice.