ING
2026 FX Outlook
LIVE10 November 2025USD bearish
Back to CurrenciesNeutral
USD/CHF
CHF faces offsetting forces: safe haven demand and SNB's reluctance to cut deepl
ING Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
SNB cautious easing
Safe haven demand
European growth pickup
Negative real rates
All Firm Targets (Dec '26)
JPMTactically Bearish0.80
INGNeutral0.78
BARCNeutral0.78
GSModerately Bullish0.76
MUFGModerately Bearish0.76
BofAModerately Bullish0.76
MSBearish0.75
DBBullish0.75
Analysis Summary
CHF faces offsetting forces: safe haven demand and SNB's reluctance to cut deeply support the franc, but European growth improvement argues for gradual EUR/CHF appreciation. We expect CHF to hold value against USD but weaken slightly vs EUR.