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USD/CHF one-month 25 delta risk reversals are currently trading at -0.325, the highest level since May 16, 2018.

The risk reversals indicate the implied volatility premium or demand for the USD/CHF put options is at the weakest in nearly 12 months.

So, it seems safe to say that investors are unwinding bearish bets (or possibly adding bullish bets) to position for gains in the USD/CHF spot. The pair is currently trading at 1.0205, having hit a high of 1.02305 yesterday. At that level, the spot was up nearly 3 percent on a month-to-date basis.