What Is the EUR/CHF Doing Today
EUR/CHF is the most important pair in the Swiss National Bank's policy framework. The SNB watches EUR/CHF as its primary competitiveness gauge — when EUR/CHF falls (CHF strengthens vs EUR), Swiss exports become more expensive in their largest market, the eurozone. This is why EUR/CHF has historically attracted SNB intervention more than any other CHF pair.
The pair famously had a EUR/CHF floor at 1.20 from 2011 to 2015 that the SNB removed without warning, producing a 30% intra-day CHF rally — one of the largest single-day FX moves in modern history. Markets remain wary of sudden SNB action, which keeps EUR/CHF in a tight range most of the time.
How to read the bias: EUR/CHF below key levels (such as parity at 1.00 or 0.95) tends to invite SNB scrutiny. Sudden interventions are still possible.
EUR/CHF Pair Profile
- Typical spread: 1–3 pips at most retail brokers
- Best trading hours: 7am–4pm London for European and Swiss data
- Volatility profile: Low — typically 30–60 pip daily range, but capable of huge gaps on SNB action
- Pip value (per 1.0 lot): ~$11 per pip on a standard 1.0 lot
- Correlated pairs: EUR/USD (positive ~0.5), USD/CHF (negative ~0.5), Swiss SMI vs EuroStoxx
What Moves the EUR/CHF
EUR/CHF reacts to EUR-side news, CHF-side news, and SNB activity. Watch:
Euro (EUR) side
- ECB rate decisions and Lagarde's press conference language
- Eurozone CPI flash inflation (released last days of each month)
- Germany IFO and ZEW economic sentiment surveys
- French, Italian and Spanish political headlines
- ECB Council member speeches between meetings
Swiss Franc (CHF) side
- SNB quarterly rate decisions and Chairman Schlegel's comments
- SNB FX intervention activity (CHF is heavily managed)
- Swiss CPI inflation (typically among the lowest in developed markets)
- EUR/CHF level (the SNB watches this closely as a competitiveness gauge)
- Risk-off flows — CHF is the world's premier safe-haven currency
Common Questions About EUR/CHF
Is EUR/CHF bullish today?
The bias card at the top shows the live read. Positive = EUR outperforming CHF = pair bullish.
Why is EUR/CHF the SNB's favourite pair?
Because the eurozone is Switzerland's largest trading partner. When EUR/CHF falls, Swiss exports become more expensive in their main market. The SNB watches this pair as its primary competitiveness gauge.
Is the EUR/CHF floor still in place?
No. The SNB removed the 1.20 floor in January 2015 without warning. There is currently no formal floor, but the SNB has stated it will intervene in FX markets "as necessary" to manage the franc.
How many pips does EUR/CHF move?
Typically 30–60 pips per day. SNB decision days can produce 100+ pip moves. Surprise interventions can move it 300+ pips in seconds — historical extremes have been 1500+ pips.
Is EUR/CHF good for beginners?
Risky despite the low daily range. The pair can sit quietly for weeks then jump 500 pips on SNB action. Most beginners should avoid EUR/CHF or trade it with very small position sizes.