Cross pair

EUR/CHF(Euro Swissy)

EUR/CHF is one of the lowest-volatility major crosses, often trading in 30-pip daily ranges. The pair is closely watched for SNB intervention signals; the 2015 floor removal here remains one of the largest single-day FX shocks in modern history.

1.0 to 2.5 pips

Typical spread

35 to 60 pips

Daily range

$10 to $12

Pip value / lot

London open (3 to 7 AM ET)

Best session

What is EUR/CHF?

EUR/CHF pairs the Euro against the Swiss Franc. Switzerland and the Eurozone share deep trade and financial ties, so the two currencies often move together with limited divergence. Daily ranges of 35 to 60 pips are typical — the lowest among widely-traded forex pairs.

EUR/CHF carries an outsized historical weight in forex because of the January 2015 SNB floor removal. When the SNB abandoned its 1.20 floor, EUR/CHF crashed 30% in minutes. Many retail accounts were liquidated; several brokers went insolvent. The event reshaped broker risk-management practices industry-wide.

Base currency: EUR (Euro, Eurozone)
Quote currency: CHF (Swiss Franc, Switzerland)
Pip location: 4th decimal (0.0001)
Volume share: about 1% of daily global forex turnover

When to trade EUR/CHF

EUR/CHF is a London-open pair. The 3 to 7 AM ET window captures the bulk of the daily range; Swiss and EU markets are both active in this window.

Avoid the Asian session entirely — both home markets are dark, spreads can balloon to 5 to 10 pips, and the pair drifts in 5-15 pip ranges with no meaningful structure.

Best session: London open (3 to 7 AM ET)
Avoid: Asian (almost no activity)

News events that move EUR/CHF

SNB rate decisions (four per year) are the highest-impact CHF-specific events. The SNB is famously unpredictable; surprise moves can produce 100-200 pip ranges on the announcement.

ECB decisions matter on the EUR side. SNB intervention rumors — chatter about the central bank buying or selling EUR/CHF to defend the franc — can move the pair 30 to 50 pips on headlines. Verified intervention is rare but produces sharp directional moves.

Central banks: European Central Bank (ECB), Swiss National Bank (SNB)
Key releases: SNB rate decisions, ECB rate decisions, Swiss CPI, SNB intervention rumors, Global risk events

Want the full event calendar? See the economic calendar, and look up unfamiliar terms in the forex glossary.

EUR/CHF FAQ

What was the 2015 SNB floor removal?

On January 15, 2015, the Swiss National Bank abruptly removed its 1.20 floor on EUR/CHF. The pair fell from 1.20 to 0.85 in minutes — a 30% move. Retail traders lost hundreds of millions, brokers were forced into insolvency. The event is the modern textbook example of central-bank tail risk.

Is EUR/CHF still safe to trade?

Yes. The SNB has not had an explicit floor since 2015 and the pair now trades on standard fundamentals. Realized volatility is below most majors. The 2015 event is a reminder that any central-bank-pegged or floored pair carries tail-risk exposure.

Why is EUR/CHF so low-volatility?

The Eurozone and Switzerland share extensive trade and financial integration. SNB and ECB policy tends to move in similar directions, limiting the divergence that drives directional currency moves.

When is the best time to trade EUR/CHF?

The London open, 3 to 7 AM ET. Both Swiss and EU markets are active in this window. Other sessions have wide spreads and minimal range.

What is SNB intervention?

The Swiss National Bank can buy or sell EUR/CHF directly in the market to defend currency levels they consider problematic. Intervention rumors regularly move the pair 30 to 50 pips; verified intervention produces sharper 80 to 150 pip moves.

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