USD/CHF eases from daily highs, holds 0.7860 following comments by SNB Schlegel
Oleh Guillermo Alcala
Dikemas kini: 24 Apr 2026
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The US Dollar (USD) maintains a near-term bullish trend against the Swiss Franc (CHF), but the pair eased from 10-day highs of 0.7875 on Friday to levels close to 0.7860, as the President of the Swiss National Bank (SNB), Martin Schlegel, hinted at changes in the bank’s monetary policy.
- USD/CHF eases to the 0.7060 area but remains close to 10-day highs of 0.7875.
- SNB's Schlegel assured that the bank is ready to adjust its monetary policy if needed.
- The US Dollar rallied this week amid the Middle East uncertainty and strong US economic data.
The US Dollar (USD) maintains a near-term bullish trend against the Swiss Franc (CHF), but the pair eased from 10-day highs of 0.7875 on Friday to levels close to 0.7860, as the President of the Swiss National Bank (SNB), Martin Schlegel, hinted at changes in the bank’s monetary policy.
Schlegel observed the negative impact of the conflict in the Middle East on the Swiss economy at the SNB’s General meeting earlier on Friday and affirmed that the central bank is ready to adjust its monetary policy if needed and that it has a “higher willingness" to intervene in FX markets.
Middle East war will weigh on economic growth
The Swiss Central Bank president assessed that the war in the Middle East is likely to weigh on the economic growth this year, but that he expects a certain recovery next year. Regarding inflation, Schlegel noted that prices will remain “a little higher” in the coming months, but practically unchanged in the mid-term.
These comments seem to have soothed investors, providing some support to the Swissie, which has depreciated about 0.6% this week, as hopes of a resolution of the Middle East conflict wane, and Oil prices escalate with the Strait of Hormuz closed for already eight weeks.
In the US, economic data were USD-supportive on Thursday. Preliminary S&P Global Purchasing Managers' Index (PMI) data for April showed robust economic activity, and jobless claims confirmed that the labour market remains steady despite last week’s uptick. On Friday, all eyes will be on the press conference of US Defense Secretary Pete Hegseth and the chair of the Joint Chiefs of Staff, Dan Caine, regarding the Operation Epic Fury in Iran, due at 13:00 GMT.
SNB FAQs
The Swiss National Bank (SNB) is the country’s central bank. As an independent central bank, its mandate is to ensure price stability in the medium and long term. To ensure price stability, the SNB aims to maintain appropriate monetary conditions, which are determined by the interest rate level and exchange rates. For the SNB, price stability means a rise in the Swiss Consumer Price Index (CPI) of less than 2% per year.
The Swiss National Bank (SNB) Governing Board decides the appropriate level of its policy rate according to its price stability objective. When inflation is above target or forecasted to be above target in the foreseeable future, the bank will attempt to tame excessive price growth by raising its policy rate. Higher interest rates are generally positive for the Swiss Franc (CHF) as they lead to higher yields, making the country a more attractive place for investors. On the contrary, lower interest rates tend to weaken CHF.
Yes. The Swiss National Bank (SNB) has regularly intervened in the foreign exchange market in order to avoid the Swiss Franc (CHF) appreciating too much against other currencies. A strong CHF hurts the competitiveness of the country’s powerful export sector. Between 2011 and 2015, the SNB implemented a peg to the Euro to limit the CHF advance against it. The bank intervenes in the market using its hefty foreign exchange reserves, usually by buying foreign currencies such as the US Dollar or the Euro. During episodes of high inflation, particularly due to energy, the SNB refrains from intervening markets as a strong CHF makes energy imports cheaper, cushioning the price shock for Swiss households and businesses.
The SNB meets once a quarter – in March, June, September and December – to conduct its monetary policy assessment. Each of these assessments results in a monetary policy decision and the publication of a medium-term inflation forecast.
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