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FX BANK FORECAST · COVERAGE
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Aggregated year-end forecasts, scenario shifts, and curated analyst notes from 38 institutional desks. No promotion.
FX BANK FORECAST · COVERAGE
Aggregated year-end forecasts, scenario shifts, and curated analyst notes from 38 institutional desks. No promotion.
Policy rate
0.00%
as of 2026-11-03
Next meeting
Dec 10
T-33d
Bias
NEUTRAL
The Swiss National Bank conducts monetary policy for Switzerland with a mandate of price stability while taking due account of economic developments. Policy assessments are published quarterly.
Policy decisions are announced on the dates above. Source: official central bank schedules.
Policy rate
0.00%
As of 2026-11-03
CHF 2026 consensus
0.78
median of 20 banks
CHF net longs (CFTC)
-16,845
latest as of
Next macro event
GDP Growth Rate QoQ (Q3)
USD/CHF trades 4.80% above the 20-firm Dec-26 consensus of 0.78, with a 0.09 spread separating Citi's 0.83 bull case…
Read research →USD/CHF trades nearly 5% above the 20-firm December 2026 consensus of 0.78, with a 0.09 dispersion range signalling…
Read research →| Date | Event | Country | Impact | Consensus | Previous |
|---|---|---|---|---|---|
| GDP Growth Rate QoQ (Q3) | CH | Med | 0.8% | 1.5% | |
| Industrial Production YoY (Q3) | CH | Med | 4% | 5.5% | |
| Balance of Trade (Oct) | CH | Med | — | 1.4 B | |
| Employment Level (Q3) | CH | Med | — | 5.698 M | |
| Retail Sales YoY (Oct) | CH | Med | — | 1.6% | |
| GDP Growth Rate YoY (Q3) | CH | Med | 1.8% | 2.3% | |
| KOF Leading Indicators (Nov) | CH | Med | — | 107.6 | |
| procure.ch Manufacturing PMI (Nov) | CH | High | — | 56.7 |
vs prior statement from
5 most-recent items prefer LLM synthesis where available
The desk anticipates that the Swiss National Bank (SNB) will maintain its current policy rate at 0%, given the relatively low inflation rates despite stronger recent economic growth. Per the full…
Despite prevailing benign inflationary trends, the Swiss National Bank (SNB) has opted to maintain its policy rate at 0%, reflecting a cautious yet stable monetary stance. As highlighted in the…
Lead — The Swiss National Bank (SNB) is expected to maintain its policy rate at 0%, largely due to subdued inflationary pressures, as highlighted in the recent analysis. Per the full note [source],…
The desk interprets recent remarks by Fundi Tshazibana on AI's regulatory landscape as pivotal for understanding the evolving dynamics of financial markets, especially as it relates to currency…
The desk believes that the Greek economy is at a critical juncture, showcasing both significant progress and enduring challenges that may impact Eurozone stability. Per the full note by Christina…
100 statements scored, Oct 2026 → Nov 2026
Most hawkish: Nov 5, 2026 (2026-11-05 - Martin Schlegel: Transmission and conduct of…, score +50)
Most dovish: Nov 3, 2026 (The path back to 2 % has become less comfortable, score -50)
Non-commercial net longs over the past 8 weeks. Latest report: for SNB
Latest net
-16,845
CHF non-commercial contracts
WoW change
+657
8-week trend
oldest → newest
Reports referencing SNB across covered research desks
USD/CHF trades at 0.8291, 6.29% above the 20-firm median Dec-26 target of 0.78, with a 0.09 dispersion range signalling…
The next Swiss National Bank (SNB) policy decision is scheduled for Dec 10. Because Swiss National Bank sets monetary policy for the CHF, its rate decisions and forward guidance are among the most important scheduled catalysts for CHF exchange rates, and sell-side FX desks reposition their CHF forecasts around each meeting. FX Bank Forecast tracks how the major investment banks' CHF targets shift before and after SNB decisions, so you can see whether the consensus is moving with the policy path or diverging from it. Watching the cross-bank reaction to each meeting is often a more durable signal than any single house call.
Swiss National Bank's current policy lean reads as neutral, based on its most recent decisions and guidance. A more hawkish stance — biased toward higher-for-longer rates — tends to be supportive of the CHF, while a dovish, easing-biased stance tends to weigh on it, though the market reaction always depends on what was already priced in. What matters for CHF forecasting is less the stance in isolation than how it compares with what investment banks expected and how it shifts the projected rate path. FX Bank Forecast aggregates how 38 major banks read the SNB path and translates it into where the CHF consensus and its dispersion sit.
Monetary-policy expectations are one of the dominant drivers of currency moves, so Swiss National Bank's decisions — and, just as importantly, how they compare with other central banks — feed directly into where strategists set their CHF targets. Relative policy paths (the SNB versus the Fed and other majors), the pace of cuts or hikes, and the tone of guidance are the channels through which SNB actions transmit into the CHF. FX Bank Forecast compares the published CHF forecasts of 38 major investment banks side by side and shows how that consensus — and the spread of views around it — shifts as the SNB outlook evolves.