Deutsche Bank
FX Blueprint 2026: The Great Rotation
LIVE12 December 2025USD bearish
Back to CurrenciesBullish
USD/CHF
Alternative reserve currency
DB Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
Reserve diversification
SNB policy
Fiscal prudence
Current account
Risk sentiment
All Firm Targets (Dec '26)
JPMTactically Bearish0.80
INGNeutral0.78
BARCNeutral0.78
GSModerately Bullish0.76
MUFGModerately Bearish0.76
BofAModerately Bullish0.76
DBBullish0.75
MSBearish0.75
Key Issues for 2026
1.CHF increasingly viewed as alternative reserve currency
2.SNB reluctant to cut further
3.Fiscal prudence premium supports flows
4.EUR/CHF rangebound as both strengthen vs USD
5.Swiss current account surplus structural support
Analysis Summary
CHF benefits from safe haven demand and alternative reserve currency status. USD/CHF to 0.75 reflects broad USD weakness. EUR/CHF remains contained as CHF strength partially offsets EUR gains.