JPMorgan expects the Swiss franc to weaken against the euro in 2026, arguing that a brighter European growth outlook should finally begin to show up in FX pricing. The bank notes that EUR/CHF typically moves in line with Europe’s growth momentum, yet this year’s upward revisions have not been reflected in the currency.
Analysts say confirmation of stronger activity in upcoming hard data—or further upgrades to the growth outlook—should put downward pressure on the franc. They add that Switzerland’s low yields and the franc’s traditional safe-haven role could also work against it if global growth remains resilient, reducing demand for defensive currencies.
JPMorgan forecasts EUR/CHF at 0.95 in Q1 2026, rising to 0.96 by Q4.
