CHF: The 13 week index is at 2, after being at 6 last week.
Speculators remain extremely short the CHF when compared with the last 52 weeks but unlike the EUR and GBP, CHF composite COT is nowhere near historical extremes. Similarly, the percentage of commercials that are long is at 64.1%. Most bottoms in CHF (top in USDCHF) occur when 90% of commercials are long (or at least close to 90%).
Implications: neutral