USD/CHF slides as risk-off sentiment, tariffs weigh
Oleh Ghiles Guezout
Tanggal Diterbitkan: 20 Jan 2026 | Tanggal Dimodifikasi: 20 Jan 2026
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USD/CHF trades in negative territory for a third consecutive day and hovers around 0.7910 on Tuesday during the European session, down 0.80% on the day at the time of writing.
- The US Dollar pulls back against the Swiss Franc amid a renewed risk-off environment.
- Donald Trump’s tariff threats revive the so-called “Sell America” trade across markets.
- Investors await Swiss comments from the central bank.
USD/CHF trades in negative territory for a third consecutive day and hovers around 0.7910 on Tuesday during the European session, down 0.80% on the day at the time of writing. The Swiss Franc (CHF) strengthens against the US Dollar (USD) as demand for safe-haven assets increases, while renewed protectionist signals from US President Donald Trump reignite concerns about global growth and the stability of trade relations.
The pullback in the Greenback follows renewed statements from the US president, who reiterated his intention to impose new tariffs on several European countries. According to his comments, 10% tariffs could come into force as early as February 1 on imports from Germany, France, the United Kingdom and Nordic countries, potentially rising to 25% if no agreement is reached by June 1. These threats, combined with diplomatic tensions surrounding Greenland, are fueling the so-called “Sell America” trade, characterized by broad-based selling of US dollar-denominated assets.
In this environment, the US Dollar (USD) faces widespread pressure as investors fear a prolonged period of political uncertainty, trade retaliation and a loss of confidence in US leadership. As highlighted by Tony Sycamore, market analyst at IG in Sydney, capital outflows from the US Dollar reflect concerns about weakening US credibility and an acceleration of de-dollarization trends. This backdrop mechanically supports the Swiss Franc, which is traditionally seen as a safe-haven currency during periods of geopolitical and economic stress.
On the Swiss front, market focus shifts to an upcoming speech by Swiss National Bank (SNB) Chair Martin Schlegel. Any clues regarding inflation dynamics or the future direction of monetary policy could influence the Swiss Franc in the near term. In the meantime, persistent risk-off sentiment and rising global uncertainty continue to favor the Swiss currency against the US Dollar.
Swiss Franc Price Today
The table below shows the percentage change of Swiss Franc (CHF) against listed major currencies today. Swiss Franc was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.61% | -0.33% | -0.16% | -0.27% | -0.21% | -0.70% | -0.77% | |
| EUR | 0.61% | 0.28% | 0.44% | 0.34% | 0.41% | -0.09% | -0.16% | |
| GBP | 0.33% | -0.28% | 0.19% | 0.06% | 0.12% | -0.36% | -0.44% | |
| JPY | 0.16% | -0.44% | -0.19% | -0.12% | -0.06% | -0.55% | -0.61% | |
| CAD | 0.27% | -0.34% | -0.06% | 0.12% | 0.06% | -0.43% | -0.49% | |
| AUD | 0.21% | -0.41% | -0.12% | 0.06% | -0.06% | -0.48% | -0.53% | |
| NZD | 0.70% | 0.09% | 0.36% | 0.55% | 0.43% | 0.48% | -0.08% | |
| CHF | 0.77% | 0.16% | 0.44% | 0.61% | 0.49% | 0.53% | 0.08% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Swiss Franc from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CHF (base)/USD (quote).
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