EUR/CHF, USD/CHF and CHF/JPY Forecasts – Franc in Focus as SNB Holds
By Christopher Lewis | Published: Mar 19, 2026
Overview
The Swiss franc is currently under pressure as the Swiss National Bank (SNB) has decided to maintain its current monetary policy. This decision has implications for the EUR/CHF, USD/CHF, and CHF/JPY currency pairs, which are analyzed in detail below.
EUR/CHF Analysis
The Euro has shown a significant rally against the Swiss franc, breaking above the critical 0.91 level and challenging the 50-day Exponential Moving Average (EMA). Although there has been a slight pullback, the market appears to be in a bullish phase following a recent base-building exercise. The sentiment suggests a "buy on the dip" strategy, especially if traders begin to sell the Swiss franc, which is traditionally viewed as a safe-haven currency.
USD/CHF Analysis
The US dollar has experienced volatility against the Swiss franc, having rallied significantly in previous sessions. Currently, the 200-day EMA near the 0.80 level acts as a resistance point. The expectation is that traders will continue to shy away from the Swiss franc due to an increase in risk appetite. The SNB has been verbally intervening in the market, and it appears that traders are starting to take these interventions seriously.
CHF/JPY Analysis
The Swiss franc has depreciated against the Japanese yen, currently testing the 50-day EMA. This pair is particularly interesting for assessing carry trade dynamics. Despite the recent decline, the Swiss franc remains stronger than the Japanese yen, which has been weak since at least August. Traders are advised to monitor this pair closely, as any bounce could present opportunities to capitalize on the long-term uptrend of the Swiss franc against the yen.
Conclusion
The current market dynamics suggest that the Swiss franc is facing challenges, particularly in light of the SNB's decision to hold its monetary policy steady. Traders should remain vigilant and consider the implications of these currency movements, especially in relation to risk appetite and central bank interventions.