One-month risk reversal (RR) of USD/CHF, a gauge of calls to puts, eases to -0.1000 for the week to end on November 26, per the latest data from Reuters. The daily figures are down for the second consecutive day, -0.025 at the latest.

It’s worth noting that the weekly RR jumped to the highest since the latest September 2020 during the first week of November, before stepping back afterward.

Hence, it appears that the options market bears are retaking controls amid indecision over the Fed’s next move and fresh covid woes.

Also favoring the USD/CHF pullback is the recent decline of the US Treasury yields, tracking the inflation expectations.

That said, USD/CHF ticked up to the highest levels since April the previous day before closing with mild gains around 0.9340. The Swiss currency (CHF) pair remains pressured around an intraday low of 0.9336 by the press time of early Thursday.

Read: USD/CHF Price Analysis: Break of a 4-month old trendline, opens the door for a re-test of 0.9473