ANZ Research discusses USD/CHF outlook and targets.

"We have raised our USD/CHF forecast from 0.79 to 0.83 end2026, and now expect the pair to ease only gradually to 0.80 by end-2027. The revision reflects the stronger influence of carry and relative rates. Swiss inflation remains subdued, with the SNB seeing only modest underlying inflation pressure and keeping its policy rate at 0%. This leaves limited scope for a policy shift in either direction, while the slightly higher inflation outlook, partly reflecting the weaker CHF, also reduces the need for the SNB to actively reinforce CHF weakness through intervention," ANZ notes.

"Against this backdrop, the widening US-Swiss yield differential has increased the CHF’s appeal as a funding currency and should keep USD/CHF supported in the near term," ANZ adds.