USD short covering does not seem to include USD/CHF which is in a constantly bearish frame of mind. Risk aversion encourages broad-based buying of the CHF so even if the USD recovers some ground against the other majors, it still seems to struggle against the CHF. We all know that some day this will change but that day might still be years away.
The new record low of .8622 which was set on Friday night is still only 20 pips away.