The Swiss Franc has been on a formidable run in 2025, continuing a trend that began when it reached parity with the US Dollar in November 2022.
With the American Exceptionalism theme, widening deficits, and growing trade distrust, markets have sought the CHF as a stable hedge against the Greenback.
Switzerland’s neutrality in economic and geopolitical affairs—and its low, stable inflation—make it an attractive safe haven, especially in a world facing fresh conflicts.
The Franc’s rally to 2011 highs has also been fueled by regional currency trends. Since early 2025, the Euro’s strength has lifted its neighbors, adding tailwinds to the CHF.
This trend is actually one to watch in Forex where currencies tend to move in tandem with their neighbours – It’s an historic trend but got exacerbated with the ongoing geopolitics.
Still, the Swissie hit a local top in July against most majors, including the Yen against which it attained weekly record highs.
While the CHF’s appreciation has not been as explosive as the Euro’s, the trend had remained consistent and persistent – but is it now over?
Next, we’ll look at USDCHF technicals to see if momentum can hold—or if a reversal is on the horizon.