The Swiss franc strengthened against the US dollar in trading on Monday (October 26, 2026), with the USD/CHF pair hovering in the 0.8230–0.8250 range. The franc’s gains were driven by a weakening dollar ahead of the Federal Reserve’s upcoming decision, alongside increased demand for safe-haven assets.
The market currently anticipates that the Fed will maintain interest rates at this week’s meeting. This expectation has capped the dollar’s upside, particularly as several US economic indicators have begun to show signs of a slowdown, even though inflationary pressures remain relatively high.
Meanwhile, geopolitical uncertainty and rising social tensions in various European nations have further bolstered the Swiss franc. These conditions have prompted some investors to seek more defensive assets amid growing global market risks.
However, the franc’s appreciation could be limited should the Federal Reserve signal a hawkish stance. The possibility of an interest rate hike in December remains a point of focus for the market; therefore, any shift in expectations regarding US monetary policy could reignite demand for the dollar.
From a technical perspective, the USD/CHF pair continues to face resistance in the 0.8250–0.8270 area. As long as the pair fails to break through this zone, downward pressure may persist toward the 0.8190 level. Conversely, a strengthening of the dollar following the FOMC meeting could pave the way for a rebound in the USD/CHF pair. (CP)