USD/CHF: Options market turns most bullish since early January

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Weekly print of one-month risk reversal of USD/CHF, a gauge of calls to puts, rise the most since the week ending on January 08, also reversing the previous week’s negative print, by the press time of early Thursday.

This goes against the USD/CHF downtrend that recently teased March lows during the third consecutive day of declines.

Risk reversals flash the +0.387 level, favoring USD/CHF bulls by the press time, according to data provided by Reuters. The positive reading indicates call options are drawing higher premium (option price) than put or bearish bets.

Technically, the 200-day SMA level near 0.9085 restricts short-term USD/CHF downside ahead of 100-day SMA and early February tops, respectively around 0.9063 and 0.9045. Meanwhile, buyers aren’t likely to take fresh entries until witnessing a clear break above 0.9135-40 area comprising lows marked since March 02.