The Swiss franc could see solid demand in December, as usual.
USD/CHF has fallen in 17 of the past 24 Decembers, notably the December 2008 drop of 12%, according to EBS prices.

While USD/CHF's trend in December points to a market that has a tendency to fall, seasonal trends should not be considered in isolation, but when combined with other factors, they can be a useful tool.

Last month USD/CHF gains faltered well ahead of the 0.9023 Fibo, a 76.4% retrace of the 0.9223 to 0.8375 (2024) drop, and spot has been weak in November so far.
Fourteen-month is negative, reinforcing the underlying bearish market structure.

A head and shoulders reversal pattern has formed on the daily chart, with USD/CHF's Thursday close under the neckline near 0.8800, adding to the downside risk.
There is scope for spot to drop towards the 0.8600 level which is near the head and shoulders measured objective, especially if there is a bout of risk aversion.
The Swiss franc usually serves as refuge during market worries.

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