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USD/CHF’s one-month risk reversals gauge, which measures the spread between call and put prices, has crossed above zero for the first time since Reuters began tracking the data in March 2016.  

The metric’s positive turn indicates that call options or bullish bets are now drawing higher prices than puts or bearish bets. That’s a sign of a bullish shift in the sentiment. In other words, investors are adding bets to position for a rally in USD/CHF (weakness in franc).  

The pair is currently trading near 0.93, representing a 5% gain on a year-to-date basis.