Some are certainly being unwound today
USD/CHF is at a three-week low
USD/CAD is at a seven-week low
Overall, however, the US dollar remains very strong and near the top of many long-term charts. The risks are starting to mount in the other direction, especially if trade tensions cool.
Longs could be squeezed hard if there's a race in the other direction. The WSJ has this chart today, which aggregates the CFTC data and shows that net USD longs are at the most-extreme since early 2017.
