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One-month risk reversal on USD/CHF has jumped to -0.25, the highest level since April 30, 2019, extending the rise from the Jan. 7 low of -1.175. 

The ascent indicates a weakening of demand for put options or bearish bets on USD/CHF. In other words, the bearish bias is now weakest in 33-months. 

At press time, the currency pair is trading at 0.8885, having failed multiple times above 0.8920 in the past few days.