EUR/CHF Exchange Rate History
A decade of Euro–Swiss Franc movements, with the events that drove them.
EUR/CHF 10-year snapshot
EUR/CHF currently sits roughly 5% through its 10-year range — near the lower end, with the rate at decade-low levels.
The last decade in EUR/CHF
EUR/CHF is the most-watched cross between the Eurozone and the world's strongest safe-haven currency. The pair is famous in FX history for the January 15, 2015 "SNB shock" — when the Swiss National Bank unexpectedly abandoned its 1.20 EUR/CHF floor, sending the pair from 1.20 to 0.85 in minutes and bankrupting multiple FX brokers globally. Over 2016–2026, EUR/CHF traded between 0.93 (August 2024 carry-unwind low) and 1.20 (the pre-2015 floor level the pair has never retested).
Long-term trend
Persistent EUR/CHF decline since 2015 — the pair has never retested the pre-shock 1.20 floor. CHF has consistently strengthened against EUR over the long term, reflecting Switzerland's persistent current-account surplus (~10% of GDP), AAA sovereign credit, large foreign reserves, and unique safe-haven role during European stress. The SNB has tried multiple frameworks since 2015 — including the world's most-negative interest rates (-0.75% from 2015-2022) — to slow CHF appreciation, with limited success.
Key events
SNB shock — EUR/CHF crashes
In one of the most dramatic events in modern FX history, the Swiss National Bank abandoned its 1.20 EUR/CHF floor without warning. EUR/CHF crashed from 1.20 to 0.85 in minutes — a 30% move that exceeded the daily ranges seen in major financial crises. The shock bankrupted multiple FX brokers (FXCM, Alpari UK) and caused billions in losses for institutional and retail traders. CHF settled around 1.00-1.05 vs EUR in subsequent weeks.
EUR/CHF crashed from 1.20 to 0.85 in minutes, then settled around 1.00-1.05.
EUR/CHF recovery on Eurozone confidence
Improving Eurozone growth, Macron's French election win (eliminating populist risk), and SNB intervention drove EUR/CHF back toward 1.20. The pair briefly hit 1.20 in October 2017 — its strongest level since the 2015 shock.
EUR/CHF rose from 1.05 (early 2017) to 1.20 (October 2017).
COVID safe-haven flows hit EUR/CHF
COVID stress drove safe-haven CHF buying, pushing EUR/CHF back below 1.05. The SNB intervened heavily but couldn't reverse the trend during the height of pandemic risk-off.
EUR/CHF fell from 1.07 (early 2020) to 1.05 (March 2020), then 1.04 by year-end.
EUR/CHF breaks below parity
European gas crisis combined with SNB tightening (the first major central bank to exit negative rates) drove EUR/CHF below 1.00 (parity) for the first time since 2015. The break of parity was symbolically important — CHF was officially worth more than EUR.
EUR/CHF fell from 1.05 (April 2022) to 0.95 (October 2022).
August 2024 carry unwind hits EUR/CHF
The August 2024 JPY carry-trade unwind triggered broader CHF strength as safe-haven flows accelerated. EUR/CHF hit multi-year lows below 0.93.
EUR/CHF fell from 0.95 to 0.93 in the first week of August 2024.
Practical takeaway
For European travelers to Switzerland, EUR/CHF's post-2015 decline means Switzerland has become progressively more expensive in EUR terms. A Swiss trip that cost €100 in 2014 equivalent now costs ~€140-150 due to CHF strength. For Swiss residents and businesses with EUR exposure, the SNB has been actively trying to slow CHF appreciation but has had limited success. Watch SNB quarterly policy assessments (March, June, September, December) and ECB rate decisions for primary EUR/CHF volatility windows.
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Frequently asked questions
What was the 2015 SNB shock?
On January 15, 2015, the Swiss National Bank announced — without warning — that it would no longer defend the EUR/CHF 1.20 floor it had maintained since September 2011. EUR/CHF crashed from 1.20 to 0.85 in minutes (30% CHF appreciation), causing chaos in FX markets. Multiple FX brokers went bankrupt (FXCM was rescued, Alpari UK failed); retail and institutional traders lost billions on stop-losses that couldn't execute fast enough. The SNB cited "increasing divergence" between ECB and US monetary policy as making the floor unsustainable.
Why does the Swiss Franc keep strengthening?
Multiple structural factors: Switzerland runs persistent current-account surpluses (~10% of GDP) producing constant CHF demand; CHF is the world's premier safe-haven currency, attracting flows during global stress; Swiss sovereign credit is AAA-rated; Swiss banks attract capital seeking institutional security; and SNB intervention can slow but not reverse the structural trend. The SNB's negative-rates experiment (2015-2022) successfully slowed CHF but couldn't prevent the long-term appreciation.
Can EUR/CHF return to the 1.20 floor?
Possible during periods of strong Eurozone economic confidence and weak Swiss safe-haven demand, but unlikely as a sustained level. Since the 2015 shock, EUR/CHF has briefly touched 1.20 only once (October 2017). The structural drivers favoring CHF (Swiss surplus, safe-haven status, AAA credit) make sustained EUR/CHF above 1.10 difficult. Most analysts expect EUR/CHF to range-trade in 0.93-1.05 through the next macro cycle.
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