But USD/CHF still delivered a strong move, hitting a 4-week high
The accompanying language matters more than the rate number itself.
A dovish SNB (Switzerland):
The central bank raised its 2026 inflation forecast to 0.7% (from 0.6%), and the economy grew 1.5% in Q2, the strongest pace since 2021. Despite that growth, the SNB's statement explicitly repeated its readiness to step in on the currency market (FX interventions).
In plain terms: the central bank signaled it doesn't mind a weaker franc, as long as it isn't strengthening too fast.
A hawkish Fed (US):
Now add the divergence with the US Fed: CME futures markets (FedWatch) saw a sharp jump in the odds of tighter policy after Wednesday's strong US PMI data.
That combination is exactly what pushed the pair higher.
How does this read on the UniqUnits chart?
The screenshot makes it clear right away: real money is behind this move, not some random non-market noise from a broker right after the news.
Track the data flow and real-time liquidity reaction through our app:
