USDCHF drops 0.2% 📉 Switzerland to secure tariff reduction?🇨🇭

The USDCHF pair is down 0.2% following reports that Switzerland is close to securing a trade agreement with the U.S. that would reduce the record 39% tariff on Swiss exports to 15%, the same rate applied to the European Union. Bloomberg reported that the deal could be finalized within the next two weeks, though neither side has officially confirmed the negotiations.

The tariff imposed on Switzerland in August was the highest applied to any developed nation. Washington justified its aggressive trade stance by citing a trade deficit exceeding $40 billion with Switzerland, driven mainly by exports of chemicals, pharmaceuticals, machinery, and gold.

A successful agreement would help ease the decline in competitiveness of Swiss products in the U.S., which had been further pressured by a strong appreciation of the Swiss franc in response to heightened uncertainty in 2025—up nearly 12% YTD versus the USD. On the other hand, the CHF remains under pressure from very low CPI inflation (most recently 0.1% YoY vs. consensus 0.3%), forcing the Swiss National Bank to maintain near-zero interest rates.

Technically, USDCHF has broken below the 30- and 10-period exponential moving averages on the H1 timeframe, signaling short-term downside pressure. Source: xStation5

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USDCHF drops 0.2% 📉 Switzerland to secure tariff reduction?🇨🇭

The franc is strengthening against the dollar on hopes of a reduction in the record 39% reciprocal tariffs.

Media reports suggest the new rate could match that applied to the EU, i.e. 15%.

The franc is strengthening against the dollar on hopes of a reduction in the record 39% reciprocal tariffs.

Media reports suggest the new rate could match that applied to the EU, i.e. 15%.