If you’re looking at the USD to CHF exchange rate today, you’ve probably noticed things look a little different than they did even a few months ago. As of Saturday, January 17, 2026, the rate is hovering right around 0.8027.
It’s been a weird ride. Honestly, if you told someone three years ago that the dollar would be struggling to keep its head above the 0.80 level against the Swissie, they’d probably have laughed. But here we are. The Swiss franc (CHF) is basically acting like the "cool-headed adult" in a global economy that feels increasingly like a chaotic high school cafeteria.
What’s Driving the USD to CHF Exchange Rate Today?
Right now, the big story isn't just one thing. It's a messy cocktail of interest rate standoffs and political drama.
Most of the action is coming out of the U.S. Federal Reserve and the Swiss National Bank (SNB). In the U.S., there’s a massive debate about whether the Fed is actually done cutting rates. JP Morgan’s Michael Feroli recently suggested the Fed might just sit on its hands for the rest of 2026. Why? Because the U.S. labor market isn't cooling as fast as people thought, and inflation is being stubborn, sticking around that 3% mark.
Meanwhile, over in Zurich, the SNB is playing a completely different game. They’ve got interest rates sitting at 0%.
Think about that. Zero.
They’ve been at 0% since June 2025. You’d think a 0% interest rate would make a currency weak, right? Normally, yes. But Switzerland is different. Their inflation is basically non-existent—clocking in at 0% in late 2025. When your inflation is that low, a 0% interest rate actually feels "normal" compared to the rest of the world.
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The Trump Factor and Fed Independence
You can't talk about the dollar right now without mentioning the White House. There’s been a lot of noise about the Trump administration wanting lower rates to boost exports. There’s even a criminal investigation into Fed Chair Jerome Powell, whose term ends this May.
Markets hate uncertainty.
When traders aren't sure if the Fed will stay independent or start taking orders from politicians, they get nervous. And when traders get nervous, they buy Swiss francs. It’s the ultimate "safety net" currency. If the dollar starts looking shaky because of political infighting, the franc naturally climbs.
Why the Swiss Franc Still Matters (And Why It’s So Strong)
The Swiss franc is often called a "safe haven" asset. Basically, when the world feels like it's going to hock, people buy Swissies. Switzerland has a massive trade surplus and a debt-to-GDP ratio that makes most other Western countries look like they’re living on a maxed-out credit card.
- AAA Rating: Just yesterday, Morningstar DBRS confirmed Switzerland’s AAA rating. Stable as a rock.
- Low Inflation: While the U.S. is still wrestling with prices, Swiss inflation is so low the SNB is actually worried about it falling below zero.
- The "Bilaterals III" Package: Switzerland is currently smoothing out its relationship with the EU. If those deals go through by March 2026, it could give the Swiss economy another shot in the arm.
Breaking Down the Numbers
Let's look at how the USD to CHF exchange rate today has actually moved over the last couple of weeks. It hasn't been a straight line down, but the trend is definitely favoring the franc.
At the start of January 2026, we were looking at a rate of roughly 0.7920. We saw a small rally toward 0.8035 around mid-month, but it's been struggling to hold those gains. Every time the dollar tries to make a comeback, a new piece of U.S. data or a fresh headline about the Fed's "independence" seems to knock it back down.
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UBS is currently projecting that the rate might stabilize around 0.78 later this year. That’s a pretty bold call, but given the SNB's willingness to intervene in the markets to stop the franc from getting too strong, we might see a floor form there.
What Most People Get Wrong About This Pair
A lot of casual observers think that because the U.S. has higher interest rates (3.5%–3.75%) than Switzerland (0%), the dollar should be crushing the franc.
In a textbook, that makes sense. Higher rates usually attract more investors.
But in the real world, "real yields" matter more than nominal ones. If U.S. inflation is 3% and the rate is 3.5%, your "real" return is only 0.5%. If Swiss inflation is 0% and the rate is 0%, your real return is 0%. The gap isn't as wide as it looks on paper. Plus, you have to factor in the risk. If you think the dollar might drop 5% because of a political crisis, that 3.5% interest rate doesn't look so attractive anymore.
Expert Insights: What the Pros Are Saying
Thomas Stucki over at St. Galler Kantonalbank has been pretty vocal about "bewaring the dollar." He's pointed out that if doubts about the Fed’s independence grow, we could see a real crisis of confidence. On the flip side, the SNB isn't exactly thrilled about a super-strong franc. It hurts Swiss exporters—think watchmakers and pharmaceutical giants like Roche or Novartis.
If the franc gets too expensive, nobody wants to buy a $10,000 Swiss watch.
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That’s why the SNB keeps saying they are "ready to be active in the foreign exchange market." That's central-bank-speak for: "If the franc gets too high, we’re going to start selling it to bring the price down."
Your Action Plan for USD/CHF
If you're an expat, a traveler, or just someone trying to time a currency exchange, here’s how to handle the USD to CHF exchange rate today:
- Don't wait for a massive dollar rally. Unless the U.S. suddenly solves its inflation and political drama overnight, the dollar is likely to stay under pressure. If you see a spike toward 0.81 or 0.82, that might be your best window to convert dollars to francs.
- Watch the SNB meetings. The next one isn't until March 19, 2026. Until then, expect the SNB to stay quiet and let the market do its thing, unless the franc starts skyrocketing.
- Hedge your bets. If you have large payments coming up in CHF, consider "averaging in." Buy a little bit now, a little bit next month. Trying to time the absolute "bottom" of this pair is a fool's errand.
- Monitor the U.S. Core PCE data. This is the Fed's favorite inflation metric. If it comes in higher than expected, the dollar might get a temporary boost as people bet on "higher for longer" rates.
The reality is that Switzerland remains the "pretty house in a bad neighborhood." As long as global uncertainty stays high, the franc is going to remain the heavyweight champion. The dollar has its strengths, but it’s currently fighting too many battles at once to regain its old dominance over the Swissie.
Keep an eye on the 0.80 level. If we break decisively below that and stay there, 0.78 is the next logical stop. On the upside, 0.8150 is the "make-or-break" resistance point. For now, the franc is firmly in the driver's seat.
Strategic Move: If you're holding USD and need CHF for upcoming Swiss travel or business, set a "limit order" near 0.8050. This allows you to capture small, brief rallies in the dollar without having to stare at a ticker all day. Given the current volatility around the U.S. Federal Reserve transition, these small windows of dollar strength are often short-lived and worth taking advantage of immediately.