Last night, the Swiss Franc surged by over 100 basis points in response to an Israeli airstrike on Iran, causing ripples across the market. Despite the widespread apprehension, the Franc stood firm as a trusted safe-haven asset. Now, as risk appetite returns, we witness the market bouncing back. Over the past 24 hours, the Swiss Franc has demonstrated a consistent uptrend during both risk-averse and risk-on conditions. Moreover, it presently holds the distinction of being the most heavily crowded short trade globally. Should prices persist in their ascent, a significant number of short positions may be compelled to unwind, amplifying the Franc's ascent further.