Major pair

USD/CHF(Swissy)

USD/CHF, nicknamed "Swissy," moves inversely to EUR/USD most of the time because of the CHF's tight informal peg to the Euro. CHF is also a classic safe-haven currency.

0.8 to 1.5 pips

Typical spread

50 to 80 pips

Daily range

$10

Pip value / lot

London / NY overlap (8 to 11 AM ET)

Best session

What is USD/CHF?

USD/CHF pairs the United States Dollar against the Swiss Franc. The Swiss Franc is one of the world's premier safe-haven currencies, sitting alongside JPY and gold in the risk-off rotation. When global equities collapse or geopolitical tensions spike, CHF rallies and USD/CHF typically falls.

USD/CHF and EUR/USD move inversely about 80% of the time on a daily-close basis. This comes from the CHF's informal correlation to the Euro and the fact that both pairs share USD as one leg. Watching the two together is a common conviction check for institutional traders.

Base currency: USD (US Dollar, United States)
Quote currency: CHF (Swiss Franc, Switzerland)
Pip location: 4th decimal (0.0001)
Volume share: about 4% of daily global forex turnover

When to trade USD/CHF

The London-NY overlap (8 to 11 AM ET) is the prime window for USD/CHF. Switzerland is in the European time zone, so London open through NY morning captures most directional moves.

Avoid the Asian session — CHF activity is thin, spreads widen, and the pair tends to drift in 10 to 20 pip ranges without meaningful structure.

Best session: London / NY overlap (8 to 11 AM ET)
Avoid: Asian (low CHF activity)

News events that move USD/CHF

Swiss National Bank (SNB) rate decisions (four per year) and Swiss CPI (monthly) drive CHF directly. SNB surprises are rare but legendary: the 2015 EUR/CHF floor removal produced a 30% one-day move in CHF crosses, the largest single-day FX event of the modern era.

More commonly, USD/CHF moves on the USD side (FOMC, NFP, US CPI) and on global risk appetite. Major equity selloffs reliably push USD/CHF down as capital flees to CHF.

Central banks: Federal Reserve (Fed), Swiss National Bank (SNB)
Key releases: SNB rate decisions, Swiss CPI, FOMC, Global risk events, CHF intervention rumors

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

USD/CHF FAQ

Why is CHF a safe-haven currency?

Switzerland has a long history of political neutrality, low debt, current-account surpluses, and SNB credibility. During global stress, capital rotates into CHF, JPY, USD, and gold — the four classic safe havens.

Why does USD/CHF move inversely to EUR/USD?

The CHF maintains an informal correlation with the Euro because of Switzerland's deep trade and financial ties to the Eurozone. The two pairs share USD as the common leg, so they tend to move in opposite directions about 80% of the time.

What was the 2015 SNB shock?

On January 15, 2015, the SNB abandoned its 1.20 floor on EUR/CHF. EUR/CHF crashed 30% in minutes, USD/CHF fell similarly. Hundreds of retail accounts were wiped out and several brokers went insolvent. It remains a cautionary tale on tail-risk hedging.

When is the best time to trade USD/CHF?

The London-NY overlap (8 to 11 AM ET). Most directional moves happen during this window. Asian session spreads are wide and structure is thin.

How does SNB intervention work?

The SNB will buy or sell EUR/CHF (and by extension USD/CHF) directly in the open market to defend currency strength they consider economically damaging. Intervention is rumored regularly; actual confirmed intervention is rare but produces sharp 50-100 pip moves.

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