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USDCHF reaches highest level since May 2025 after SNB decision
The Swiss National Bank kept its policy rate at 0%, while it removed language from its franc intervention guidance, contributing to a euro franc move higher and USDCHF breaking above prior September highs.
USDCHF climbed to its highest level since May 2025 after the Swiss National Bank left its policy rate unchanged at 0%, as expected. Forexlive reports the SNB slightly raised its inflation forecasts, but still expects inflation to average 0.8% in both 2027 and 2028.
The SNB also updated its language on intervention in the foreign exchange market, dropping June’s reference to an “increased willingness” to intervene and replacing it with wording that it is “willing to be active” as necessary. Forexlive says the franc weakened after the decision, with EURCHF moving from around 0.9380 to 0.9420.
On the US side, Forexlive links the USDCHF move to a higher-yield backdrop for dollar assets, noting the Fed has left the door open to further hikes while the SNB is holding at zero. Traders also focused on price levels, as USDCHF broke above a swing-area support region between 0.81706 and 0.82148.
Forexlive adds that USDCHF extended above earlier September highs near 0.8265, with the next upside target cited near the late-May 2025 high at 0.8348, while a fall back below 0.82116 would be seen as an initial warning that the breakout is losing strength.