About Dépôts à vue (CHF)
Sight deposits at the Swiss National Bank are the reserves that commercial banks hold overnight at the SNB. They are a key tool in monitoring SNB intervention activity in the FX market.
Why FX traders watch it
When the SNB sells CHF to weaken the franc, the CHF proceeds end up as sight deposits held by Swiss banks at the SNB. A sudden rise in sight deposits is therefore a strong signal of FX intervention.
How to interpret the data
A sharp week-on-week increase in sight deposits is a real-time SNB intervention signal, typically CHF-negative. Stable or declining sight deposits indicate the SNB is not intervening, allowing market forces to set the CHF.