CFTC CHF Speculative Net Positions
Published:
A weekly CFTC measure of speculative (non-commercial) net futures positioning in the CME Swiss Franc contract, in thousands of contracts.
Full explanation
CFTC CHF Speculative Net Positions is the net position of non-commercial (speculative) traders in the CFTC-reported CME Swiss Franc futures contract ("SWISS FRANC - CHICAGO MERCANTILE EXCHANGE", CFTC contract market code 092741). It is calculated as non-commercial long futures contracts minus non-commercial short futures contracts from the CFTC's Legacy Futures Only Commitments of Traders report, and calendars show it in thousands of contracts. It is a positioning measure: it is not an amount of money and not a physical quantity of Swiss franc. The contract is quoted against the U.S. dollar, so a positive net position means non-commercial traders are, in aggregate, net long the Swiss franc versus the U.S. dollar. Positions are measured as of Tuesday and normally published by the CFTC on the following Friday at 3:30 p.m. Eastern Time.
Why traders watch it
Traders use it as a weekly sentiment and positioning gauge for Swiss franc against the U.S. dollar. Large or fast-changing net positions can show speculative exposure building up or being unwound, which may matter when positioning becomes crowded.
Market interpretation
- CHF/USD and Swiss franc-linked markets
- May influence how traders read speculative sentiment and the risk of position unwinds, particularly when positioning is one-sided.
Stronger vs weaker outcomes
There is no consensus forecast, so the week-on-week change and the level relative to its own history are the main points of interpretation. A rising figure means speculators have become more net long (or less net short); a falling figure means the reverse.
A higher reading means non-commercial traders are more net long, or less net short, than before.
A lower reading means non-commercial traders are less net long, or more net short, than before.
Higher means more speculative net-long positioning; lower means more net-short positioning.
Release details
- Release frequency
- Weekly (Tuesday positions, published Friday 3:30 p.m. ET)
Typical volatility
Low. The data are backward-looking (Tuesday positions released on Friday), cover futures only, use broad regulatory trader categories and do not reveal entry prices or motives. A change can reflect new positions, closed positions, or both.
Trading considerations
- Check the Tuesday position date as well as the Friday publication date.
- Focus on the week-on-week change rather than the headline level alone.
- Compare current positioning with its own history; extremes can persist for long periods.
- Remember the figure counts contracts, not money or physical quantity.
Educational guidance only — never a trading signal or recommendation.
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