How will the Swiss franc to euro exchange rate evolve in 2026?

Given the current fundamentals (inflation differential, stability of the Swiss economy), and barring any major policy shifts from the ECB or SNB, the underlying trend suggests the Swiss Franc will remain at high levels in 2026.

When is the best time to exchange my Swiss francs for euros?

Instead of trying to time the market, it is recommended to automate your exchange as soon as you receive your salary. This 'Dollar Cost Averaging' strategy allows you to smooth out the exchange rate over the year and avoid volatility risks.

Why is the EUR/CHF exchange rate important for cross-border workers?

The exchange rate directly impacts real wages once converted into euros. A minimal rate difference, or hidden margins applied by banks, can represent a loss of several hundred euros per year in disposable income.

CHF/EUR Forecast 2026: Will the Swiss Franc Keep Rising?

Why read this analysis?

This study is based on official macroeconomic data from the State Secretariat for Economic Affairs (SECO), indicators from KOF (ETH Zurich), and monetary policy communications from the Swiss National Bank (SNB). It is written by the financial team at ibani, a regulated intermediary processing hundreds of millions of francs annually.

For cross-border workers and expatriates alike, the CHF/EUR exchange rate is an essential component of real income. After a year 2025 marked by aggressive monetary adjustments, 2026 opens with new uncertainties.

2026 Macroeconomic Analysis: Forces at Play

At the start of this year, the CHF/EUR pair is evolving under pressure from two opposing currents. Here are the technical and structural indicators driving the current trend.

1. The Inflation Differential

This is the main long-term driver. Switzerland continues to display structurally lower inflation than the Eurozone (around 1.2% vs ~2.3% in Europe). Mechanically, to maintain purchasing power parity, the Swiss Franc must appreciate against the Euro.

2. SNB Vigilance

The Swiss National Bank monitors the rate closely. If the Franc becomes too strong, it hurts Swiss exporters (pharma, watchmaking, industry). In 2025, the SNB demonstrated its ability to intervene to "smooth out" excessively brutal appreciation peaks.

3. The Geopolitical Context (Safe Haven)

In times of doubt, capital flees to quality ("Flight to Quality"). With low public debt and legendary political stability, the Swiss Franc remains the ultimate safe haven in Europe, attracting liquidity as soon as geopolitical tensions rise.

Our Outlook for Q1 2026

Given the fundamentals, and barring any exogenous shock, the central scenario remains that of a strong Franc. The Euro is struggling to find sufficient growth drivers to sustainably reverse the trend against the Swiss currency.

Recent History: Key Dates of 2025

To understand where we are going, we must look at where we come from. Here is the timeline of major events that impacted your exchange rate last year.

November 2025: The EUR/CHF rate hit a yearly low at 0.918. A strong technical support zone that triggered a slight technical rebound.
June 2025: The SNB lowered its policy rate to 1.00% (tactical adjustment) to counter the Franc's strength, while the ECB reduced its rates to 2.00% on June 5.
Source: ECB Press Release
March 2025: Fifth consecutive rate cut by the SNB (0.25%). Paradoxically, this cut did not sustainably weaken the Franc, as investors prioritized CHF security over European fiscal uncertainties.
January 2025: The year began with increased volatility, the rate oscillating between 0.93 and 0.95, paced by ECB announcements (rate at 2.75% on Jan 30).

Stop Losing Money on Exchange

Forecasts are useful, but optimizing fees is the only guaranteed gain. The danger for a cross-border worker is not so much market fluctuation (which often balances out over the year), but the bank margins applied every month.

Did you know?
If the real market rate is 1 EUR = 0.93 CHF, a traditional bank might offer you a client rate of 0.91 CHF (or charge a spread on the inverse pair).
This seemingly invisible difference can represent a 120 € loss per month on a salary of 6,000 CHF, amounting to over 1,440 € per year.

The ibani Method

Total Transparency: We minimize the margin to offer you a rate close to the interbank rate.
Dedicated Swiss IBAN: Receive your salary directly with us, with no reception fees.
Automation: Set up the transfer once, and receive your Euros automatically every month.

Create Free Account

No opening or maintenance fees.

Frequently Asked Questions

The underlying trend remains bullish for the Swiss Franc due to the favorable inflation differential compared to the Eurozone. However, the SNB remains vigilant to avoid overly rapid overvaluation that would harm Swiss industry.

No. Trying to "time" the market is risky and often counterproductive for individuals. We recommend a smoothing approach: exchange your salary upon receipt. Over the year, you will achieve a safer weighted average rate.

Currency exchange is a major revenue source for banks. By advertising "0 commission fees" but shifting the exchange rate in their favor, they generate an invisible margin for the client. It's legal, but lacks transparency. ibani fights this practice with reduced and displayed margins.