Strong CHF pressures SNB to act – ING

FXStreetJul 4, 2025 9:37 AM

The Swiss Franc (CHF) remains strong, ING's FX analyst Chris Turner notes.

EUR/CHF may face intervention near 0.9200

"The Swiss National Bank continues to have its hands tied - seemingly reluctant to take the policy rate negative again and also to undertake large-scale FX intervention in the middle of trade discussions with the US."

"More trade volatility could send USD/CHF and EUR/CHF lower next week. With the strong Swiss franc adding to Switzerland's disinflation problem, it does look like the SNB will have to try and intervene in the 0.9200/9250 area in EUR/CHF after all."

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