Today, the Swiss National Bank (SNB) decided to keep its interest rate unchanged at zero, in line with analysts’ expectations.

Notably:
→ The SNB’s interest rate remains arguably the lowest among central banks of developed economies;
→ According to official statements, the main obstacle to Swiss economic growth is Trump’s tariffs.

Technical Analysis of the USD/CHF Chart

In 2025, the Swiss franc strengthened — which is unsurprising given the high demand for safe‑haven assets (as evidenced by gold’s record high) amid rising geopolitical and macroeconomic risks. At the same time, lower highs and lows have allowed the construction of a descending channel on the USD/CHF chart (shown in red).

However, a closer look at recent price dynamics suggests there are grounds to believe that the downtrend may be coming to an end. Why?

Firstly, the price is holding in the upper half of the channel, indicating insufficient selling pressure.

Secondly, consider the strength of the 0.7900 support level. In July, it prevented the market from falling further after the breach of the 0.8080 support level, and it continues to hold in September — note the price behaviour indicated by the arrow:

→ A bearish breakout attempt failed. After a brief dip below 0.7900, the price confidently returned above this level.
→ The median of the descending channel acted as support, and the chart shows lows that exhibit signs of an Inverse Head and Shoulders pattern.

This suggests that:
→ The current red channel may be broken in the near term, potentially driven by factors supporting USD strength;
→ There may be a bullish attempt to establish a rally, with targets indicated in blue.

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