Swiss National Bank (SNB) — Safe Haven & CHF
Overview
The SNB manages one of the world's strongest currencies. Its surprise decisions (like abandoning the EUR/CHF floor in 2015) can cause some of the most violent moves in FX history. Monitor SNB meeting dates on our economic calendar and track CHF pairs on the forex dashboard. Understand how safe-haven flows connect to risk sentiment across equities and crypto.
Key Takeaways
- The SNB frequently intervenes in FX markets to weaken CHF — it's one of the largest FX reserve holders globally.
- January 2015: SNB removed the 1.20 EUR/CHF floor — CHF surged 30% in minutes, bankrupting some brokers.
- CHF is the ultimate safe-haven currency — it strengthens during geopolitical crises and risk-off events.
- The SNB buys foreign equities (including US tech stocks) as part of reserve management.
Practical Tips
- EUR/CHF is the primary expression of SNB policy. USD/CHF for dollar-relative positioning.
- The SNB only meets 4 times per year — fewer decision points but higher impact per meeting.
- Watch sight deposit data for evidence of SNB FX intervention between meetings.
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