The Swiss franc is beginning to attract long interest from hedge funds after weeks of wagers against the currency, according to a report by Bloomberg citing the latest data from the Commodity Futures Trading Commission.

The data shows that leveraged investors turned long on the franc last week having been short on the currency since late January, with short bets having hit their highest level in over a year just a month ago.

The report quotes Valentin Marinov, Head of G-10 Currency Strategy at Crédit Agricole, as saying that the euro-franc rate could fall to 0.9750 this week after hitting a high of 0.9849 last last week. The currency is down more the 5% against the euro so far this year.