• Recent drop in CHF futures open interest (OI) suggests USD may have topped

• Open interest changes over past 2 years have mirrored USD/CHF movements

• Weekly CFTC data shows asset managers trimming very short CHF positions

• That drop coincides with a fall in OI after positioning reached a 6-mo high

• USD/CHF has had two steep declines since forming an evening star Jan. 13

• But options do not see volatility lasting and undermining CHF carry

• An unexpected downturn in US economy would change that outlook

• The 55-DMA at 0.8967 offers near-term support before its 0.8830 200-DMA
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(Robert Fullem is a Reuters market analyst. The views expressed are his own.)