USD/CHF: US dollar / Swiss franc

USD/CHF is the price of one US dollar in Swiss francs. At 0.9000, one dollar buys 0.90 francs; a rising price means the dollar is strengthening against the franc, and a falling price means the franc is gaining. Traders call it the "Swissie".

It is the smallest of the traditional majors by turnover, but it has an outsized reputation. The franc is one of the classic safe-haven currencies, and the Swiss National Bank has been one of the most interventionist central banks in the developed world. Together those two facts explain most of what makes the pair distinctive.

What USD/CHF is and who trades it

In the BIS Triennial Central Bank Survey of April 2025, USD/CHF accounted for about 4.9% of global FX turnover, up from 3.9% three years earlier, according to the BIS. The franc was the sixth most traded currency overall. That puts USD/CHF among the ten most traded pairs, behind EUR/USD, USD/JPY, USD/CNY, GBP/USD, USD/CAD and AUD/USD.

Participants include:

• Swiss banks, insurers and pension funds, which hold large foreign portfolios and decide how much currency risk to hedge.
• Swiss multinationals in pharmaceuticals, food, machinery and watches, which earn much of their revenue abroad.
• Global investors and funds using the franc as a store of value in turbulent periods.
• Commodity trading houses, many of which are based in Switzerland.
• The Swiss National Bank itself, which has at times been one of the biggest participants of all.
• Retail traders, often trading USD/CHF alongside EUR/USD.

A large share of franc trading actually happens in EUR/CHF, the cross with Switzerland's main trading partner. See the EUR/CHF profile.

The two economies and central banks behind it

Switzerland and the Swiss National Bank

Switzerland is a small, wealthy, open economy with a long record of low inflation, political stability, a large current-account surplus and substantial net foreign assets. Those features underpin the franc's safe-haven status.

The Swiss National Bank (SNB) defines price stability as annual CPI inflation of less than 2%. Unusually, it holds just four scheduled monetary policy assessments a year, in March, June, September and December, with the decision usually published at 09:30 Swiss time (08:30 UK time). Between meetings, though, the SNB has shown it is willing to act in the currency market at any time.

Because a strong franc lowers import prices and squeezes exporters, the SNB treats the exchange rate as a key part of monetary conditions. Over the past decade and a half it has used a minimum exchange rate against the euro, negative interest rates (the policy rate stood at minus 0.75% from 2015 until 2022) and very large foreign-currency purchases. It has also sold foreign currency at times when the franc was weak.

The United States and the Federal Reserve

The dollar side is set by the Federal Reserve and US data. Because the US economy is so much larger and its data so much more market-moving, the dollar side often dominates day-to-day USD/CHF moves. Fed decisions arrive at 19:00 UK time for most of the year, and payrolls and CPI at 13:30. See central banks and interest rates.

What typically moves USD/CHF

Broad dollar moves. On many days USD/CHF is simply the mirror image of EUR/USD: when the dollar strengthens across the board, USD/CHF rises and EUR/USD falls.

Safe-haven flows. In sharp sell-offs and geopolitical scares, money has often flowed into the franc. Both the dollar and the franc have safe-haven characteristics, which can make USD/CHF's reaction to a crisis less predictable than that of, say, AUD/USD. Sometimes the franc wins, sometimes the dollar.

SNB action and words. Announcements of intervention, changes in the policy rate or a shift in how the SNB describes the franc ("highly valued", for example) can move the pair sharply. See the glossary entry on intervention.

Rate differentials. Swiss rates have usually been among the lowest in the world, so the gap with US rates has often been wide. That affects swaps and, over longer periods, the attractiveness of holding francs. See interest rate differential.

Euro-area developments. Stress in the euro area, from the sovereign debt crisis to energy shocks, has tended to push money into the franc and weigh on both EUR/CHF and USD/CHF.

For a general framework, see what moves currency prices.

Character and behaviour by session

All times are UK time; check the market hours tool for your own zone.

• Asian session (about 00:00–07:00): usually quiet, with narrow ranges and liquidity thinner than in EUR/USD or USD/JPY.
• European session (from about 07:00): activity picks up with Zurich and London. Swiss data, including CPI, are typically released at 07:30 UK time (08:30 Swiss time), and SNB decisions at 08:30 UK time.
• London/New York overlap (about 13:00–17:00): usually the most active window, driven by US data at 13:30 (12:30 in the few weeks each spring and autumn when UK and US clocks are out of step).
• Evening and rollover (around 22:00): quiet, with spreads often wider.

In normal conditions USD/CHF tends to have moderate daily ranges, broadly comparable to EUR/USD. The franc's history, however, includes some of the most violent single-day moves ever seen in a major currency, which is why it is treated with caution. Read about the 2015 episode below before trading it.

Costs of trading USD/CHF

Because turnover is lower than in EUR/USD or USD/JPY, spreads on USD/CHF are usually somewhat wider than on those pairs at the same broker, though still tight compared with crosses and exotics. They widen around SNB announcements, the rollover and in thin markets. See spreads and commissions and why spreads widen.

Swaps follow the interest-rate gap. When US rates are well above Swiss rates, long USD/CHF positions (long the higher-yielding dollar) have tended to receive a credit or a small charge, and short positions have paid more, after the broker's mark-up. Those figures change whenever either central bank moves. See swap and overnight financing.

Pip value: a worked example

A pip on USD/CHF is 0.0001. With the franc as the quote currency, pip values are fixed in francs:

• 1 standard lot (100,000 dollars): 10 francs per pip
• 1 mini lot (10,000 dollars): 1 franc per pip
• 1 micro lot (1,000 dollars): 0.10 francs per pip

To convert to dollars, divide by the USD/CHF rate. Example (illustrative numbers): at 0.9000, 10 francs is about 11.11 dollars, so a standard lot is worth about 11.11 dollars per pip. At 1.0000 it would be exactly 10 dollars.

Suppose you buy 0.2 lots at 0.9000 with a 30-pip stop at 0.8970. Each pip is worth 2 francs, so the loss if stopped is 60 francs, about 67 dollars at that rate, plus costs. The margin at 30:1 on a 20,000-dollar position is about 667 dollars. Use the pip value calculator to convert into your own account currency, and see lot sizes and position sizing for the basics.

Correlations with other pairs

• EUR/USD has very often moved in the opposite direction to USD/CHF, because Switzerland's economy is closely tied to the euro area and both pairs share the dollar. Holding long EUR/USD and short USD/CHF is, much of the time, close to doubling the same short-dollar trade. See EUR/USD.
• EUR/CHF links the two: USD/CHF is roughly EUR/CHF divided by EUR/USD. When EUR/CHF is stable, USD/CHF tends to mirror EUR/USD. See EUR/CHF.
• USD/JPY shares a safe-haven counterpart, and the two have at times moved together in risk-off episodes, though not reliably.
• Gold has sometimes moved with the franc in periods of stress. See XAU/USD.

As with all correlations, these are tendencies over a chosen period and can break down without warning. See currency correlation.

Notable history

• 2011: the franc surges and the SNB sets a floor. During the euro-area debt crisis, safe-haven flows pushed the franc to record highs, briefly taking it close to parity with the euro and well past parity with the dollar. On 6 September 2011 the SNB announced a minimum exchange rate of 1.20 francs per euro and said it would buy foreign currency in unlimited quantities to defend it.
• 15 January 2015: the floor is removed. Without warning, the SNB discontinued the minimum rate and cut its deposit rate to minus 0.75%. The franc jumped by double-digit percentages against the euro and the dollar within minutes. Liquidity vanished, stop-losses were filled far from their levels, and several brokers suffered heavy losses or failed because clients' losses exceeded their deposits. The episode is widely cited as one of the reasons regulators later made negative balance protection mandatory for retail CFD clients in the EU.
• 2015–2022: negative rates and heavy intervention. The SNB kept rates negative and bought large amounts of foreign currency to restrain the franc. In December 2020 the US Treasury labelled Switzerland a currency manipulator in its semi-annual report, a designation the SNB rejected and which was later dropped.
• 2022 onwards. As inflation rose globally, the SNB raised rates out of negative territory in 2022 and, at times, sold foreign currency, showing that its intervention can run in either direction.

Trading USD/CHF as a beginner

• Take gap risk seriously. The 2015 episode showed that a stop-loss is an order, not a guarantee. In a sudden repricing it can be filled far beyond the level you set. Read gap risk and weekend risk and slippage explained, and ask whether your broker offers guaranteed stops and what they cost.
• Check for double exposure. If you already hold EUR/USD, a USD/CHF trade may add to the same dollar bet rather than diversify it.
• Watch the SNB calendar and SNB language. Quarterly decisions are scheduled, but intervention is not.
• Size conservatively. At 30:1, a 3.3% adverse move would consume a fully margined position. Most retail CFD accounts lose money; read leverage and margin and margin call and stop-out.
• Know your protections. EU retail clients benefit from negative balance protection, meaning you cannot lose more than your account balance with an EU-regulated broker. See ESMA leverage limits and negative balance protection.

Frequently asked questions

Why is the Swiss franc considered a safe haven?

Switzerland combines a long record of low inflation, political stability, large current-account surpluses and substantial foreign assets. Investors have historically moved money into the franc in periods of stress. The status is a tendency, and the SNB has often acted to limit the franc's strength.

What happened to the Swiss franc on 15 January 2015?

The Swiss National Bank unexpectedly removed its minimum exchange rate of 1.20 francs per euro, which it had defended since September 2011. The franc rose by double-digit percentages within minutes, and many traders' stop-losses were filled far from their intended levels.

Why does USD/CHF often move opposite to EUR/USD?

Both pairs share the dollar, but on opposite sides, and the Swiss franc has often moved closely with the euro because Switzerland trades so much with the euro area. A broad dollar move therefore tends to push the two pairs in opposite directions.

When does the SNB announce its decisions?

The SNB holds four scheduled monetary policy assessments a year, in March, June, September and December. The decision is usually released at 09:30 Swiss time, 08:30 UK time. Check the SNB website for exact dates.

Is USD/CHF suitable for beginners?

It is a liquid major with usually moderate daily ranges, but it carries a history of sudden, extreme moves driven by the central bank. Beginners can trade it, but should use small positions and understand gap risk first.