USD/CHF is the number of Swiss francs needed to buy one US dollar. The franc is treated as a safe haven because Switzerland combines low inflation, persistent trade surpluses and political stability, so the franc tends to strengthen when markets are stressed. The Swiss National Bank, which has often acted to stop the franc rising too far, is the other major force in the pair.
Key takeaways
- The franc’s share of global currency trading rose to 6.4% in April 2025, making it the sixth most traded currency, and USD/CHF turnover was 60% higher than in 2022 (BIS).
- The franc usually follows the euro closely, so USD/CHF often moves in the opposite direction to EUR/USD.
- The Swiss National Bank announces policy only four times a year, at 09:30 Swiss time.
- On 15 January 2015 the central bank abandoned its cap on the franc without warning and the currency jumped by as much as 30% against the euro within minutes.
- One pip is 0.0001 and is worth 10 francs on a standard lot.
| What the quote means | Swiss francs needed to buy one US dollar |
|---|---|
| Base / quote currency | US dollar (USD) / Swiss franc (CHF) |
| Nickname | Swissie |
| CHF share of FX turnover | 6.4% of trades; USD/CHF 4.9% of turnover (BIS, April 2025) |
| Pip | 0.0001, the fourth decimal place |
| Pip value, 1.00 lot | 10 francs (about $12.50 at 0.8000) |
| Contract size, 1.00 lot | 100,000 USD |
| Most active window | European hours, 07:00–16:00 UTC |
| Central banks to watch | Swiss National Bank, Federal Reserve, and the ECB indirectly |
| Symbol at Marketsall | USDCHF |
What is USD/CHF and how is it quoted?
The dollar is the base currency, so a price of 0.8000 means one dollar costs 80 Swiss centimes, and a falling chart means a stronger franc. CHF stands for Confoederatio Helvetica franc, from the Latin name for Switzerland. For quoting basics see what forex trading is and major, minor and exotic pairs.
Why is the Swiss franc a safe haven?
| Feature | Why it matters |
|---|---|
| Low and stable inflation | The franc has kept its purchasing power better than most currencies over decades. |
| Persistent current account surplus | Switzerland earns more from the world than it spends, so there is steady underlying demand for francs. |
| Political and institutional stability | Investors expect rules and property rights to hold in a crisis. |
| A large, trusted financial centre | Money can move into franc assets quickly when fear rises. |
The consequence is that the franc often rises when equities fall, along with the yen and, in many episodes, the dollar itself. That last point matters here: when both the dollar and the franc are in demand, USD/CHF may move less than you expect, and the franc’s strength shows up more clearly against the euro. See risk-on vs risk-off.
What moves USD/CHF?
| Driver | How it tends to work | What to watch |
|---|---|---|
| Risk sentiment | Fear tends to strengthen the franc and push USD/CHF lower, unless the dollar is rising even faster. | Equity indices, volatility, geopolitical news |
| The euro | The euro area is Switzerland’s main trading partner and the franc tracks the euro closely, so USD/CHF usually mirrors EUR/USD. | EUR/USD guide |
| Swiss National Bank policy | The central bank has used negative interest rates (−0.75% from 2015 to 2022) and direct currency purchases to limit franc strength. | Quarterly policy assessments, sight deposit data, currency intervention |
| Federal Reserve policy | The dollar side: expected Fed cuts tend to lower USD/CHF. | FOMC meetings, US CPI |
| Swiss inflation | Very low inflation gives the central bank room to cut rates or intervene against franc strength. | Swiss CPI, monthly |
January 2015: the day the cap went
From 2011 the Swiss National Bank had promised to stop the euro falling below 1.20 francs. On 15 January 2015 it dropped that promise without warning. The franc rose by as much as 30% against the euro within minutes, USD/CHF collapsed, liquidity vanished and stop-loss orders filled far from their levels. Some retail brokers failed. It remains the clearest modern example of gap risk in a major currency, and of why a stop-loss does not always protect you.
When is USD/CHF most active?
| Event | Local time | UTC (summer / winter) | Frequency |
|---|---|---|---|
| Swiss National Bank assessment | 09:30 Swiss time | 07:30 / 08:30 | Quarterly: March, June, September, December |
| Swiss CPI | 08:30 Swiss time | 06:30 / 07:30 | Monthly |
| US CPI and Non-Farm Payrolls | 08:30 ET | 12:30 / 13:30 | Monthly |
| FOMC statement | 14:00 ET | 18:00 / 19:00 | Eight times a year |
With only four scheduled Swiss policy dates a year, each one carries more weight. See global market trading hours, London vs New York sessions and the economic calendar.
USD/CHF pip value and position size
| Lot size | Units | Value of 1 pip | In dollars at 0.8000 | In dollars at 0.9000 |
|---|---|---|---|---|
| 1.00 (standard) | 100,000 USD | CHF 10 | $12.50 | $11.11 |
| 0.10 (mini) | 10,000 USD | CHF 1 | $1.25 | $1.11 |
| 0.01 (micro) | 1,000 USD | CHF 0.10 | $0.13 | $0.11 |
Note that a pip here is worth more in dollars than in EUR/USD, because a franc is worth more than a dollar at these prices. Suppose USD/CHF is at 0.8000 (illustrative) and you open 0.10 lots: the position is $10,000, the margin at 1:200 leverage is $50 , and a 50-pip adverse move costs CHF 50, about $62.50. Use position sizing before entry.
Three safe havens compared
| Feature | Swiss franc | Japanese yen | Gold |
|---|---|---|---|
| Why investors use it | Stability, surpluses, low inflation | Large foreign assets brought home in stress; unwinding of yen-funded trades | No issuer, long history as a store of value |
| Official resistance | Central bank has acted against strength | Authorities have acted against weakness | None |
| Interest paid | Very low | Very low | None, and a swap cost as a CFD |
| Read more | This guide | USD/JPY guide | XAUUSD guide |
Long EUR/USD and short USD/CHF are close to the same trade. See correlated positions.
What it costs to trade USD/CHF as a CFD
At Marketsall USD/CHF is traded as a CFD: no currency is delivered and your account is credited or debited with the price difference. See what a CFD is and spot FX vs CFDs.
| Cost | When it applies | Note for USD/CHF |
|---|---|---|
| Spread | Every trade, at entry | Wider than EUR/USD; tightest in European hours |
| Commission | Not charged on currency trades at Marketsall | Cost is built into the spread |
| Swap | Positions held past the daily rollover | Swiss rates are usually among the lowest in the world, so swap can be a credit in one direction and a debit in the other. Check current values in the specification. See triple swap Wednesday. |
| Slippage | Fast markets, gaps, news | Highest around Swiss National Bank announcements, which are rare and therefore closely watched |
Key risks
Policy shock risk. January 2015 showed that a central bank commitment can end without notice.
Hidden correlation. USD/CHF positions often duplicate EUR/USD exposure in reverse.
Safe-haven surprises. The franc and the dollar can rise together, so the pair does not always fall in a crisis.
Leverage. Pip value in dollars is higher than in EUR/USD at current prices.
Risk warning. Trading CFDs carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, the products offered on this website may not be suitable for all investors because of the risk of losing all of your invested capital. You should never invest money that you cannot afford to lose, and never trade with borrowed money.
Frequently asked questions
Why is the Swiss franc considered a safe haven?
Switzerland has low and stable inflation, a persistent current account surplus, stable politics and a large, trusted financial system. Investors expect the franc to hold its value in a crisis, so money tends to flow into it when markets are stressed, which pushes the franc higher.
What happened to the Swiss franc in January 2015?
On 15 January 2015 the Swiss National Bank abandoned its policy of preventing the euro from falling below 1.20 francs. The franc jumped by as much as 30% against the euro within minutes, liquidity disappeared and many stop-loss orders were filled far from their levels. Several retail brokers became insolvent.
Why does USD/CHF move opposite to EUR/USD?
The Swiss economy is closely tied to the euro area, so the franc tends to follow the euro. When the euro rises against the dollar, the franc usually rises too. Because the dollar is the base currency in USD/CHF, that shows up as a falling USD/CHF price while EUR/USD rises.
How much is one pip worth in USD/CHF?
One pip is 0.0001. On a standard lot of 100,000 dollars a pip is worth 10 Swiss francs. In dollars that is 10 divided by the current price: about $12.50 at 0.8000 and about $11.11 at 0.9000.
How often does the Swiss National Bank set interest rates?
The Swiss National Bank holds a scheduled monetary policy assessment four times a year, in March, June, September and December, and announces the result at 09:30 Swiss time. It can also act between meetings, as it did in January 2015.
Related reading
Prepare for Swiss National Bank days
Decide before each Swiss National Bank assessment whether to hold, cut or close USD/CHF exposure, because spreads and stop fills are at their worst in the seconds after the announcement. News trading: volatility, slippage and event risk makes the case for treating such events defensively.
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