Positioning · retail sentiment · read at 08:31 UTC on 12 November 2026
NZD/CHF retail sentiment: long vs short
As of 08:31 UTC on 12 November 2026, 83% of retail traders are long NZD/CHF and 17% short, a long/short ratio of 4.88. A week earlier, on 5 November, 89% were long, so the crowd is 6 points more short this week.
The long share over 120 days
Over the 120 days the terminal holds (since 11 July), the long share has run from 11% to 93%; today's reading is higher than on 61% of those days.
The COT view beside it
Speculators in New Zealand dollar futures are net short 23,154 contracts (CFTC, positions at 3 Nov), at the 26th percentile of their own range. New Zealand Dollar COT positioning
Speculators in Swiss franc futures are net short 16,845 contracts (CFTC, positions at 3 Nov), at the 22nd percentile of their own range. Swiss Franc COT positioning
Retail shows the crowd at retail brokers; the CFTC report shows speculators in futures, weekly. The two often sit on opposite sides. This week's full report: the COT report.
Questions
Are retail traders long or short NZD/CHF?
As of 08:31 UTC on 12 November 2026, 83% of retail traders are long NZD/CHF and 17% short, a long/short ratio of 4.88. The crowd leans long, 83% on one side.
How has NZD/CHF retail sentiment changed this week?
A week earlier, on 5 November, 89% were long, so the crowd is 6 points more short this week.
Is NZD/CHF retail positioning extreme?
Over the 120 days the terminal holds (since 11 July), the long share has run from 11% to 93%; today's reading is higher than on 61% of those days. That is inside its recent range rather than at an edge of it.
What does the COT report say about NZD/CHF?
Speculators in New Zealand dollar futures are net short 23,154 contracts (CFTC, positions at 3 Nov), at the 26th percentile of their own range. Speculators in Swiss franc futures are net short 16,845 contracts (CFTC, positions at 3 Nov), at the 22nd percentile of their own range.
How do traders read retail sentiment?
Many traders read it as a contrarian gauge: a crowd leaning heavily one way has often been on the wrong side of the move that follows, and is the side forced out when price runs against it. It is a description of positioning, not a signal. In WatchTower Terminal's composite score retail positioning is read that way, at a weight of 10%, alongside CFTC positioning, rates and research.
More on NZD/CHF: NZD/CHF analysis · NZD/CHF rate differential · NZD/CHF seasonality · New Zealand Dollar outlook · New Zealand Dollar COT positioning · RBNZ rate expectations · New Zealand economic surprises · Swiss Franc outlook · Swiss Franc COT positioning · SNB rate expectations · Swiss economic surprises
Other pairs: AUD/CHF 79% long · AUD/NZD 34% long · CAD/CHF 80% long · CHF/JPY 31% long · EUR/CHF 74% long · EUR/NZD 38% long · GBP/CHF 66% long · GBP/NZD 39% long · NZD/CAD 61% long · NZD/JPY 70% long · all 30
Aggregated retail broker positioning, read every 20 minutes in the terminal; this page is rebuilt through the day. Not financial advice.