Home › Markets › Forex

USD/CHF explained: the Swiss franc, the SNB and the dollar

USD/CHF often moves like EUR/USD turned upside down. Knowing why keeps you from making the same bet twice.

Market guide · 5-minute read · Updated 2026-10-21

At a glance

Pip math, as an example. One pip on a standard lot is CHF 10. If USD/CHF were at 0.80, that's CHF 10 ÷ 0.80 = $12.50. A math example, not a forecast. Check yours with the pip value calculator.

What moves it

• The Fed and US data. The dollar side reacts to US CPI and jobs data at 8:30 am ET and Fed decisions at 2:00 pm ET.
• The SNB. Switzerland's central bank meets only 4 times a year, in March, June, September and December. Decisions land at 9:30 am Zurich time, usually 3:30 am ET. Fewer meetings means each one can matter more.
• The SNB in the market. The SNB has a long history of buying or selling francs itself when it thinks the franc is too strong.
• Safe-haven flows. Switzerland is seen as stable. In scary moments money often moves into the franc.
• The euro. Switzerland trades a lot with Europe, so the franc is often pulled along with the euro.

When it's busiest

Swiss trading happens in European hours. USD/CHF usually wakes up near the London open, around 3 am ET, and is busiest when New York joins, about 8 am to noon ET. The Asian session is often quiet, with wider spreads.

Switzerland changes its clocks on the same dates as the rest of Europe, not the US. For a few weeks in spring and autumn, the SNB's 3:30 am ET time moves by an hour. Our market hours tool shows the real time.

Its personality

• A mirror of EUR/USD. Both are mostly about the dollar, so when EUR/USD rises, USD/CHF often falls. Not every day, but often.
• Calm most days. Daily moves are often modest.
• Surprise risk. The SNB has shocked markets before. In January 2015 it suddenly dropped its cap on the franc, and the franc jumped in minutes.

Reading it with our method

1. Daily chart first. Mark the last places price turned around and name the trend.
2. Glance at EUR/USD. If the two charts tell opposite stories, that's a reason to wait, not a signal.
3. Body close only. A tail through a level is just a poke.
4. Size from the stop with the pip value in dollars, using the lot size calculator. Keep the money at risk small, around 1%.

Our risk management guide covers how to count related trades as one.

Common mistakes

• Doubling a dollar bet without knowing it, as in the box above.
• Forgetting the SNB calendar. Four meetings a year are easy to miss. Put them in your calendar.
• Oversizing because it's calm. A quiet pair can still jump on a surprise. Size from the stop every time.
• Trading the Asian session. Spreads are often wider and moves smaller.

Questions