Swiss Franc (CHF)

Switzerland — Swiss National Bank

Swiss franc — premier safe-haven currency backed by Switzerland's stability and SNB credibility.

FX Session:
London
CHF/USD
1.27548
CHF/USD Exchange Rate
Economic Indicators
Indicator Latest Previous Change Date
Policy Rate 0.25 0.25 0.00 2025-05-05
Inflation 0.2 -0.1 +0.30 2025-06-01
Core Inflation 0.66 0.75 -0.09 2025-05-31
Gdp 217.475 215.132 +2.34 2025-06-30
Unemployment 4.63 5.08 -0.45 2025-06-30
Trade Balance 118436.14095614 118738.233612977 -302.09 2025-06-30
Retail Sales 0.0 -0.36 +0.36 2025-05-31
Ppi 0.37 0.29 +0.08 2025-05-31
Swiss National Bank Press Releases
CFTC Commitment of Traders — CHF

About the Swiss Franc (CHF)

The Swiss franc (CHF) is the official currency of Switzerland and Liechtenstein. It is one of the most stable and most-held safe-haven currencies thanks to Switzerland's political neutrality, current-account surplus, low inflation, and credible monetary institutions.

Swiss National Bank: monetary policy framework

The Swiss National Bank (SNB) sets the SNB policy rate and conducts FX interventions to influence financial conditions. It holds quarterly monetary policy assessments and explicitly states that it is willing to be active in the FX market when needed.

What moves the CHF?

  • SNB policy rate, FX intervention activity, and sight deposits.
  • Global risk sentiment — CHF strengthens in risk-off episodes.
  • Eurozone yields and Swiss-German 10-year yield spread.
  • Swiss CPI (released early in the month) and core CPI.
  • KOF Economic Barometer and SECO consumer climate.
  • Swiss current-account surplus and SNB FX reserves.

Key data and events to watch

  • SNB quarterly monetary policy assessment.
  • Swiss CPI release.
  • SNB sight deposits (weekly proxy for intervention).
  • KOF leading indicator.
  • EUR/CHF as a gauge of safe-haven demand.

Frequently asked questions about the Swiss Franc

Why is the Swiss franc a safe-haven currency?
Switzerland combines political neutrality, a persistent current-account surplus, low public debt, low and stable inflation, and a credible central bank. In times of geopolitical or financial stress, capital tends to flow into CHF-denominated assets.
Does the SNB still target the EUR/CHF rate?
The SNB removed its EUR/CHF 1.20 floor in January 2015. Since then it has managed the franc through interest rates and discretionary FX intervention rather than a formal exchange-rate target.
How often does the SNB meet?
The SNB Governing Board publishes a monetary policy assessment four times per year. Decisions can also be communicated outside scheduled assessments in exceptional circumstances.
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