When is the SNB’s interest rate decision and how could it affect USD/CHF?

The Swiss National Bank (SNB) is scheduled to announce its last monetary policy of 2025 today at 08:30 GMT.

The SNB is expected to hold interest rates steady at 0% for the second meeting in a row. Swiss central bank would continue maintaining an expansionary monetary policy stance as price pressures have remained close to the lower end of 0%-2% inflation target. In November, the Swiss inflation remains flat on an annualized basis, following a 0.1% growth in October.

As the SNB is widely anticipated to leave borrowing rates at 0%, the major trigger for the Swiss Franc’s (CHF) outlook will be the monetary policy guidance for 2026. The SNB is unlikely to support negative interest rates as Chairman Martin Schlegel stated in his comments in early November that the “bar to go back to NIRP (negative interest rate policy) is very high”, citing that the ultra-dovish stance could lead to “undesirable side effects” on savers and pension funds.

How could SNB’s monetary policy outcome affect USD/CHF?

USD/CHF strives to gain ground during Thursday’s European session after revisiting its three-week low of 0.7985 the previous day. The Swiss Franc pair demonstrates a broader sideways trend amid a Descending Triangle formation whose horizontal support is placed from the November 19 low of 0.7985, while the downward-sloping border is plotted from the November high of 0.8124. The near-term trend of the pair is bearish as it stays below the 20-day Exponential Moving Average (EMA), which is at 0.8030

The 14-day Relative Strength Index (RSI) at 45.23, below the 50 midline, signals waning bullish momentum. A rebound in RSI toward 50 would signal stabilization.

The downward-sloping border limits gains, with resistance seen near 0.8078. However, a daily close above that barrier could ease pressure and tilt the bias toward recovery for an upside to near the August high of 0.8171, while failure to reclaim it would keep sellers in control. Looking down, bears could gain control if the pair breaks below the November 19 low of 0.7985, and extend the decline towards the November 18 low of 0.7938.