I'm pretty sure it's fee-day since it stands for Federation International D'Echecs (give or take some accents), and the D'Echecs part is pronounced 'day-shek'.
Well if it's French we need to drop the final e and say FEED
Oh no, and then one of the E's dropped out and it came together...and it was a word! AAAAA!!!
(From "Through Channels" by Richard Matheson...a very fun story I read in 6th grade.)
Oh dear what is this monster I have created?!?!?
Like I said, we'll all soon be in danger of joining them.
I think I've now decided that I will pronounce it FIDO.