Swiss Franc

The Swiss Franc sits at the bottom of the eight majors with a score of -43. Interest rates are the main headwind. At around 0.0%, the Swiss Franc pays far less than higher-yielding peers like the dollar or pound, which makes it less attractive to carry-seeking capital. Positioning is a clear headwind — speculative futures traders are heavily net-short the Swiss Franc, among the most bearish readings in years. That adds selling pressure, though such crowded shorts can snap back quickly. Markets are relatively calm and risk appetite is healthy, which takes some shine off the Swiss Franc. As a safe-haven currency, it draws less demand when investors are confident enough to chase yield elsewhere. The trend is negative — the score has dropped 10 points over recent weeks. On a valuation basis, it looks cheap versus its own one-year range, which may help cushion the downside from here.