Forex

USD/CHF: US Dollar / Swiss Franc

The US dollar priced in Swiss francs. The franc is commonly regarded as a defensive currency.

Open an account Chart

What happens next

Choose live or demo, and say where you live. On this website. No name and no e-mail address is asked for here, and nothing is stored.
Register in the client portal. Your name, e-mail address, a password and your country; acceptance of the Terms and the Risk Disclosure. Then you confirm your e-mail address.
Demo: choose your virtual funds and open the terminal. Live: upload your identity documents; an account is opened once they are approved. Live trading is not yet connected.

Market DNA

Below, USD/CHF is taken apart: its class, its contract, its hours and what is connected to it. Structure, not a signal.

Market DNA

What USD/CHF is made of.

Its class, its contract, the hours it lives in and the institutions, releases and ideas connected to it.

This is structure. It is not a score and it is not a signal: it tells you what the instrument is, not what it will do.

BaseUSDUS DollarQuoteCHFSwiss Franc

The price of USD/CHF is the amount of CHF (Swiss Franc) needed for 1 USD.

Asset class: Forex
Contract: 1 standard lot = 100,000 USD
Platform symbol: USDCHF
Typical sessions: Home sessions: New York and London.Continuous, 24 hours a day, five days a week. Liquidity varies by session.See the sessions on the World Market Clock
Central banks: Federal Reserve Swiss National Bank
Concepts: Safe Haven

Reference data

Where USD/CHF has fixed.

Last reference fixing

0.8311

CHF per 1 USD · 9 Oct 2026

1 fixing: down −0.32%
5 fixings: up +0.54%
21 fixings: up +2.35%
63 fixings: up +2.39%

Position in the 63-fixing range

Low 0.7990, last 0.8311, High 0.8353

The last 63 fixings

Moved together, moved apart

Correlation of daily log returns between USD/CHF and the other pairs on this site over the same 63 fixings. +1.00 means the daily changes lined up perfectly, −1.00 that they mirrored each other, 0 that they were unrelated.

A descriptive statistic of reference fixings over one window. Correlations change, and they say nothing about what comes next.

Highest correlation

Daily changes most often in the same direction.

Lowest correlation

Daily changes least aligned, or opposed when negative.

Reference dataSource: European Central Bank reference ratesUpdated 9 Oct 2026Once per working day, around 16:00 CET. Not live, not tradable and not a GIO4X price. Changes compare the last fixing with the fixing 1, 5, 21 and 63 publications earlier.

Trading conditions

As published by GIO4X.

Spread from: 0.4 pipsminimum, widens with market conditions; each account type also has its own minimum (Classic 2.5 pips, Premium 1.5 pips, ECN 0.2 pips), and the wider of the two applies
Leverage: 1:400depends on instrument and jurisdiction
Minimum lot: 0.01
Contract: 1 standard lot = 100,000 USD
Platform symbol: USDCHF

IndicativeSource: GIO4XIndicative trading conditions published by GIO4X. Not a live quote; actual spreads and requirements vary with market conditions and account type.

All trading conditions

On the 777 Raptor demo

Demo symbol USDCHF. How the demo terminal is set up, not GIO4X’s specification for live trading, which is not yet published.

Contract size, 1.00 lot: 100,000 USD; Sizes from 0.01 to 100 lots, in steps of 0.01.
Pip value per 1.00 lot, in CHF: 10 CHF; one pip (0.0001) × 100,000
Pip value per 1.00 lot, in US dollars: not available: reading the simulated price; at the simulated USDCHF rate, which is not a market rate
Margin per 1.00 lot at 1:100: not available: reading the simulated price; contract size × price ÷ leverage
Margin per 1.00 lot at 1:500: not available: reading the simulated price; 1:500 is the “up to” figure the account types publish: a ceiling, not what an instrument or a client is given

Contract data read from the demo terminal. Demo prices are simulated by GIO4X’s own engine; they are not market prices. Swap rates are not published.

Third-party chart

USD/CHF on a daily chart

The chart is supplied by TradingView and stays unloaded until you ask for it. Loading it connects your browser to TradingView’s servers.

Third partyChart by TradingViewThird-party data for US Dollar / Swiss Franc, not supplied or verified by GIO4X and not a GIO4X price. Symbol FX:USDCHF, UTC.

Before you trade it

Work the numbers. Know the words.

Tools

All tools

Glossary

Full glossary

In depth

What is particular to US Dollar / Swiss Franc.

USD/CHF sets the world’s reserve currency against the currency of a small, wealthy country with low inflation and a long record of surplus with the rest of the world. Both are sought in a scare, which makes this pair harder to read in a crisis than a pair with only one defensive side. The franc’s closest relationship is with the euro, not the dollar, because the euro area surrounds Switzerland and is its main trading partner.

General education about the underlying market. It states no current price or rate, makes no forecast and is not advice. What GIO4X offers on this instrument is in the trading conditions on this page, not here.

What moves it

The Swiss National Bank’s two tools: The Swiss National Bank sets a policy rate and, unlike most of its peers, says openly that it is willing to buy or sell foreign currency as part of monetary policy. In a small open economy the exchange rate does much of the work that interest rates do elsewhere: a stronger franc lowers import prices and with them inflation. The bank’s words about the franc are therefore read as closely as its rate.
The euro, at one remove: The rate the Swiss economy cares about most is the franc against the euro. USD/CHF is in effect that rate combined with EUR/USD, and on many days it moves as the mirror image of EUR/USD. News about the euro area can move this pair more than news about Switzerland.
Defensive demand, and its exception: In periods of fear the franc tends to rise, helped by Switzerland’s external surplus and low inflation. Against the dollar the effect is less clear than against the euro, because the dollar is sought at the same moments. It also fails when the trouble is Swiss: during the emergency rescue of a large Swiss bank in March 2023 the franc did not behave as a refuge.
The floor, and 15 January 2015: On 6 September 2011, with the franc rising steeply during the euro-area debt crisis, the Swiss National Bank announced it would not tolerate a rate below 1.20 francs per euro and would buy foreign currency without limit to enforce it. It abandoned that minimum rate without warning on 15 January 2015, and the franc rose by an extraordinary amount against both the euro and the dollar within minutes. The site’s history pages cover the day; the lesson for this pair is that a level defended by a central bank can go in a single announcement, with no prices available in between.
The Federal Reserve: The dollar side responds to the Federal Reserve’s policy as it does in every dollar pair. Swiss interest rates have for decades been among the lowest in the world, and were below zero from early 2015 to 2022, so the franc has at times been borrowed to fund holdings elsewhere, as the yen is. A scare that closes those positions lifts the franc for a second reason.

Mechanics

How it is quoted and built.

Base, quote and pip: The dollar is the base currency: the price is the number of francs one dollar costs, so a falling chart means a stronger franc. A pip is 0.0001, and on 100,000 dollars one pip is worth 10 francs. The pip’s value in dollars therefore shifts as the rate moves.
Four meetings a year: The Swiss National Bank holds its monetary policy assessment once a quarter, fewer scheduled meetings than the other major central banks. Each one carries more weight as a result, and the bank has acted between meetings when it judged it necessary, as it did in January 2015. Its Governing Board has three members, so there is no vote split to study.
The busiest hours: The franc is traded mostly in European hours. The Swiss National Bank announces in the Zurich morning, and Swiss data is published early in the European day. The dollar side brings a second active period when United States data is released in the New York morning.
Reading intervention from the outside: The Swiss National Bank does not announce each purchase or sale. Observers watch its weekly figures for the deposits commercial banks hold with it, which tend to rise when the bank has been buying foreign currency, and the totals it publishes later. These are inferences, with a delay, and can mislead.

Timetable and sources

What is scheduled, and where the facts come from.

Worth knowing the timetable of

The Swiss National Bank’s quarterly monetary policy assessment and Interest Rate Decision
The Swiss Consumer Price Index from the Federal Statistical Office, monthly
The Swiss National Bank’s weekly figures on sight deposits
The KOF Economic Barometer, monthly
The Federal Open Market Committee’s Interest Rate Decision
The European Central Bank Governing Council’s Interest Rate Decision, for its effect on the franc through the euro

Named, never dated: dates move. The Economic Events page explains the main releases.

Primary sources

Swiss National Bank: monetary policy assessments, Quarterly Bulletin, Annual Report and its press releases of 6 September 2011 and 15 January 2015
Swiss Federal Statistical Office: Swiss Consumer Price Index
KOF Swiss Economic Institute, ETH Zurich: KOF Economic Barometer
Federal Reserve: Federal Open Market Committee statements and minutes
Bank for International Settlements: Triennial Central Bank Survey

Named by publisher and series, so each can be found from the publisher itself. GIO4X has no connection with them.

What would a trade in it cost?

The cost of a trade is the spread, any commission, and financing for each night it is held. The Cost Lab works the three out for a day trade, an overnight position and a longer hold, from figures you enter. A complete total also needs the swap rates, which are not yet published; the Lab shows which input is missing instead of a total that only looks complete.

Work it out in the Cost Lab

The risk, in ordinary type.

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.

USD/CHF is traded on margin. Educational information, not investment advice or a recommendation to trade.

Risk disclosure

Continue

Fetching the page

USD/CHFUS Dollar / Swiss Franc

The US dollar priced in Swiss francs. The franc is commonly regarded as a defensive currency.

Open an account Chart

What happens next

Choose live or demo, and say where you live. On this website. No name and no e-mail address is asked for here, and nothing is stored.
Register in the client portal. Your name, e-mail address, a password and your country; acceptance of the Terms and the Risk Disclosure. Then you confirm your e-mail address.
Demo: choose your virtual funds and open the terminal. Live: upload your identity documents; an account is opened once they are approved. Live trading is not yet connected.

Where USD/CHF has fixed.

Last reference fixing

0.8311

CHF per 1 USD · 9 Oct 2026

1 fixing: down −0.32%
5 fixings: up +0.54%
21 fixings: up +2.35%
63 fixings: up +2.39%

Position in the 63-fixing range

Low 0.7990, last 0.8311, High 0.8353

The last 63 fixings

Moved together, moved apart

A descriptive statistic of reference fixings over one window. Correlations change, and they say nothing about what comes next.

Highest correlation

Daily changes most often in the same direction.

Lowest correlation

Daily changes least aligned, or opposed when negative.

As published by GIO4X.

Spread from

0.4 pipsminimum, widens with market conditions; each account type also has its own minimum (Classic 2.5 pips, Premium 1.5 pips, ECN 0.2 pips), and the wider of the two applies

Leverage

1:400depends on instrument and jurisdiction

Minimum lot

0.01

Contract

1 standard lot = 100,000 USD

Platform symbol

USDCHF

IndicativeSource: GIO4XIndicative trading conditions published by GIO4X. Not a live quote; actual spreads and requirements vary with market conditions and account type.

All trading conditions

On the 777 Raptor demo

Demo symbol USDCHF. How the demo terminal is set up, not GIO4X’s specification for live trading, which is not yet published.

Contract size, 1.00 lot: 100,000 USD; Sizes from 0.01 to 100 lots, in steps of 0.01.
Pip value per 1.00 lot, in CHF: 10 CHF; one pip (0.0001) × 100,000
Pip value per 1.00 lot, in US dollars: not available: reading the simulated price; at the simulated USDCHF rate, which is not a market rate
Margin per 1.00 lot at 1:100: not available: reading the simulated price; contract size × price ÷ leverage
Margin per 1.00 lot at 1:500: not available: reading the simulated price; 1:500 is the “up to” figure the account types publish: a ceiling, not what an instrument or a client is given

Contract data read from the demo terminal. Demo prices are simulated by GIO4X’s own engine; they are not market prices. Swap rates are not published.

What is particular to US Dollar / Swiss Franc.

What moves it

The Swiss National Bank’s two tools: The Swiss National Bank sets a policy rate and, unlike most of its peers, says openly that it is willing to buy or sell foreign currency as part of monetary policy. In a small open economy the exchange rate does much of the work that interest rates do elsewhere: a stronger franc lowers import prices and with them inflation. The bank’s words about the franc are therefore read as closely as its rate.
The euro, at one remove: The rate the Swiss economy cares about most is the franc against the euro. USD/CHF is in effect that rate combined with EUR/USD, and on many days it moves as the mirror image of EUR/USD. News about the euro area can move this pair more than news about Switzerland.
Defensive demand, and its exception: In periods of fear the franc tends to rise, helped by Switzerland’s external surplus and low inflation. Against the dollar the effect is less clear than against the euro, because the dollar is sought at the same moments. It also fails when the trouble is Swiss: during the emergency rescue of a large Swiss bank in March 2023 the franc did not behave as a refuge.
The floor, and 15 January 2015: On 6 September 2011, with the franc rising steeply during the euro-area debt crisis, the Swiss National Bank announced it would not tolerate a rate below 1.20 francs per euro and would buy foreign currency without limit to enforce it. It abandoned that minimum rate without warning on 15 January 2015, and the franc rose by an extraordinary amount against both the euro and the dollar within minutes. The site’s history pages cover the day; the lesson for this pair is that a level defended by a central bank can go in a single announcement, with no prices available in between.
The Federal Reserve: The dollar side responds to the Federal Reserve’s policy as it does in every dollar pair. Swiss interest rates have for decades been among the lowest in the world, and were below zero from early 2015 to 2022, so the franc has at times been borrowed to fund holdings elsewhere, as the yen is. A scare that closes those positions lifts the franc for a second reason.

How it is quoted and built.

Base, quote and pip: The dollar is the base currency: the price is the number of francs one dollar costs, so a falling chart means a stronger franc. A pip is 0.0001, and on 100,000 dollars one pip is worth 10 francs. The pip’s value in dollars therefore shifts as the rate moves.
Four meetings a year: The Swiss National Bank holds its monetary policy assessment once a quarter, fewer scheduled meetings than the other major central banks. Each one carries more weight as a result, and the bank has acted between meetings when it judged it necessary, as it did in January 2015. Its Governing Board has three members, so there is no vote split to study.
The busiest hours: The franc is traded mostly in European hours. The Swiss National Bank announces in the Zurich morning, and Swiss data is published early in the European day. The dollar side brings a second active period when United States data is released in the New York morning.
Reading intervention from the outside: The Swiss National Bank does not announce each purchase or sale. Observers watch its weekly figures for the deposits commercial banks hold with it, which tend to rise when the bank has been buying foreign currency, and the totals it publishes later. These are inferences, with a delay, and can mislead.

What is scheduled, and where the facts come from.

Worth knowing the timetable of

The Swiss National Bank’s quarterly monetary policy assessment and Interest Rate Decision
The Swiss Consumer Price Index from the Federal Statistical Office, monthly
The Swiss National Bank’s weekly figures on sight deposits
The KOF Economic Barometer, monthly
The Federal Open Market Committee’s Interest Rate Decision
The European Central Bank Governing Council’s Interest Rate Decision, for its effect on the franc through the euro

Named, never dated: dates move. The Economic Events page explains the main releases.

Primary sources

Swiss National Bank: monetary policy assessments, Quarterly Bulletin, Annual Report and its press releases of 6 September 2011 and 15 January 2015
Swiss Federal Statistical Office: Swiss Consumer Price Index
KOF Swiss Economic Institute, ETH Zurich: KOF Economic Barometer
Federal Reserve: Federal Open Market Committee statements and minutes
Bank for International Settlements: Triennial Central Bank Survey

Named by publisher and series, so each can be found from the publisher itself. GIO4X has no connection with them.

What would a trade in it cost?

Work it out in the Cost Lab

The risk, in ordinary type.

USD/CHF is traded on margin. Educational information, not investment advice or a recommendation to trade.

Risk disclosure