The following quotes are the closing spot prices and September futures contract prices for CHF on four consecutive days in July 20XX. You sold two CHF futures contract at the closing price on 7/01/XX. Each CHF futures contract requires the delivery of CHF 125,000. Suppose, the initial and maintenance margin for each CHF futures contract are $1,500 and $1,000, respectively. 7/03 7/01 $0.7579 7/02 $0.7527 7/04 $0.7580 $0.7588 Date Closing CHF Spot Price Closing September CHF Futures Contract Price $0.7750 $0.7782 $0.7827 $0.7713 If you had knowledge of the closing price for 7/04, then you should have taken a in CHF futures on 7/03 long position short position