Swiss companies expect Swiss franc to remain strong

Swiss companies remain pessimistic about the euro. According to a study by UBS, the Swiss franc is expected to appreciate slightly against the euro in 2026. This comes as no surprise, as the euro-franc exchange rate has been falling for years.

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The euro/franc pair hit a new record low of 0.9124 on Monday night. A slight countermovement then set in and the exchange rate stabilised slightly above this level.

Meanwhile, the dollar fell to a multi-year low of 0.7605 at the end of January. The dollar is currently trading slightly higher again at around CHF0.7666.

According to the foreign exchange survey with some 300 Swiss companies in late autumn 2025 conducted by UBS, the franc is likely to remain in demand. The companies surveyed expect an even slightly lower euro exchange rate of CHF0.91 at the end of 2026. The dollar is estimated at CHF0.78.

UBS sees it differently

UBS itself sees things somewhat differently. Its economists expect a slightly stronger euro exchange rate of CHF0.95. The bank justifies this with the expectation that the German economy will accelerate in 2026 and give the euro a tailwind.

However, if the recovery fails to materialise and the numerous existing economic and geopolitical risks materialise, the Swiss franc is likely to continue to appreciate in 2026 in the eyes of the economists. In this case, the experts see the euro exchange rate at CHF0.90.

Translated from German by AI/jdp