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One-month risk reversals on USD/CHF, a gauge of calls to puts, is currently trading at -0.475 in favor of puts, the level last seen in May 2019, according to data source Reuters. 

The negative number indicates that put options or bearish bets on USD/CHF are drawing higher prices (or demand) than calls. However, the spread between premiums claimed by put and call options is now the lowest since May 2019. 

In other words, the bearish bias on USD/CHF is now weakest in 18 months. 

The pair is currently trading at 0.9110, representing a 5.8% drop on a year-to-date basis.