US Dollar to Swiss Franc exchange rate history 1971 to 2026: the franc as a safe haven
One US Dollar bought 4.1171 CHF in 1971 and 0.7990 CHF in 2026. The franc as a safe haven. The series covers 56 years of annual data.
- 2026 avg
- 0.7990
- year to date
- Highest avg
- 4.1171
- 1971
- Lowest avg
- 0.7990
- 2026
- Traded range
- 0.7296 to 4.3180
- low 2011, high 1971
Source: Federal Reserve H.10 (DEXSZUS). Latest daily observation 2026-10-30.
Annual averages of daily observations.
USD/CHF in four numbers
- Change since 1971
- -79.8%
- 55 complete years
- Change over 10 years
- -13.7%
- 2015 to 2025
- Average annual change
- -2.3%
- standard deviation 11 points
- Largest drawdown
- 79.7%
- 1971 to 2025
USD/CHF against related pairs
Each comparison uses the 2025 year-end change in this dataset, not a daily or monthly window.
USD/CHF annual average, 1971 to 2026
Annual average with the full trading range for each year. average high–low range
Source: Federal Reserve H.10 (DEXSZUS). Figures are annual averages of daily observations.
USD/CHF since 1971
US Dollar to Swiss Franc averaged 4.1171 CHF in 1971 and 0.8305 CHF in 2025, 79.8% lower across 55 complete years.
The annual average has ranged from 0.7990 in 2026 to 4.1171 in 1971. On individual trading days the series reached 0.7296 and 4.3180, a ratio of 5.9 to 1.
USD/CHF against related pairs
EUR/CHF moved -0.8% in 2025, while USD/CHF moved -12.5% over the same calendar year.
GBP/CHF moved -6.0% in 2025, while USD/CHF moved -12.5% over the same calendar year.
CHF/JPY moved +13.8% in 2025, while USD/CHF moved -12.5% over the same calendar year.
What moves USD/CHF
USD: The US dollar is the world's main reserve currency and the base leg for most foreign exchange trading.
CHF: The Swiss franc is a traditional safe-haven currency, supported by Switzerland's current account surplus and low public debt.
For USD/CHF, the USD leg responds to Federal Reserve policy, US inflation and Treasury yields, safe-haven demand, while the CHF leg responds to safe-haven demand, Swiss National Bank policy, euro area risk. The exchange rate is the market's attempt to balance the two sets of forces.
Why the franc behaves like a safe haven
USD/CHF includes a safe-haven currency. The Swiss franc is a traditional safe-haven currency, supported by Switzerland's current account surplus and low public debt.
Demand for CHF rises when investors are risk-averse, when the euro area or global markets are under stress, and when the domestic central bank is seen as credible. That demand can dominate the normal rate differential, which is why the pair can strengthen even when the CHF interest rate is lower.
Switzerland runs a current account surplus and low public debt, and the franc tends to attract capital when markets are stressed. The series shows the pattern: the average moved -79.8% from 1971 to 2025, and the largest single-year move was -21.7% in 1974.
The five largest USD/CHF moves
Ranked by absolute year-end change, the five largest moves were 1974 (-21.7%), 1986 (-21.6%), 1987 (-21.2%), 1985 (-20.8%), 1984 (+19.4%). The biggest was 1974, when the rate moved from 3.2510 to 2.5445, a change of 21.7%.
Across 55 complete years the pair rose in 25 and fell in 29. The average annual change was -2.3% with a standard deviation of 11 percentage points, which is one way to compare its volatility with other pairs.
USD/CHF by decade
Grouped by decade, the annual average was 2.7812 in 1971-1979 and 0.8881 in 2020-2026. The widest decade-to-decade change was -31.8% between 1971-1979 and 1980-1989, when the average moved from 2.7812 to 1.8973.
The final bucket, 2020-2026, is a partial decade and includes the year-to-date 2026 average. The table below shows every bucket with its high and low, so the short-run moves and the long-run level can be read together.
How to read the USD/CHF data
The annual figures are averages of the daily observations in Federal Reserve H.10 (DEXSZUS). Highs and lows are the most extreme single observations in each calendar year, not intraday highs. No figure on this page is estimated or interpolated.
USD/CHF history: the years that moved the rate
Each event below is dated and tied to one of the currencies in this pair.
- 2008 2008-09-15
Lehman Brothers files for bankruptcy
The collapse of Lehman Brothers triggered a global financial crisis, a flight into the US dollar and extreme volatility across currency markets.
- 2011 2011-09-06
Swiss National Bank sets a 1.20 floor against the euro
The Swiss National Bank set a minimum exchange rate of CHF 1.20 per euro and committed to defend it, as safe-haven demand pushed the franc higher during the euro area debt crisis.
- 2015 2015-01-15
Swiss National Bank abandons the euro floor
The Swiss National Bank discontinued the CHF 1.20 per euro minimum exchange rate without warning. The franc surged and the move caused severe losses for some currency brokers.
USD to CHF exchange rate by year
Every year since 1971: annual average, the year high and low, the year-end rate, and the change on the previous year.
| Year | Average | High | Low | Year end | Change |
|---|---|---|---|---|---|
| 1971 | 4.1171 | 4.3180 | 3.8754 | 3.9147 | n/a |
| 1972 | 3.8186 | 3.9817 | 3.7092 | 3.7707 | -3.7% |
| 1973 | 3.1688 | 3.7714 | 2.6991 | 3.2510 | -13.8% |
| 1974 | 2.9805 | 3.4270 | 2.5126 | 2.5445 | -21.7% |
| 1975 | 2.5839 | 2.7533 | 2.3952 | 2.6212 | +3.0% |
| 1976 | 2.5002 | 2.6178 | 2.3941 | 2.4474 | -6.6% |
| 1977 | 2.4065 | 2.5621 | 1.9932 | 1.9932 | -18.6% |
| 1978 | 1.7907 | 2.0429 | 1.4710 | 1.6200 | -18.7% |
| 1979 | 1.6644 | 1.7410 | 1.5480 | 1.5950 | -1.5% |
| 1980 | 1.6772 | 1.8770 | 1.5700 | 1.7875 | +12.1% |
| 1981 | 1.9675 | 2.2040 | 1.7505 | 1.7880 | +0.0% |
| 1982 | 2.0319 | 2.2405 | 1.7915 | 2.0075 | +12.3% |
| 1983 | 2.1007 | 2.2200 | 1.9160 | 2.1790 | +8.5% |
| 1984 | 2.3500 | 2.6010 | 2.1095 | 2.6010 | +19.4% |
| 1985 | 2.4552 | 2.9245 | 2.0600 | 2.0600 | -20.8% |
| 1986 | 1.7979 | 2.0940 | 1.6040 | 1.6140 | -21.6% |
| 1987 | 1.4918 | 1.6290 | 1.2715 | 1.2715 | -21.2% |
| 1988 | 1.4643 | 1.6117 | 1.2850 | 1.5020 | +18.1% |
| 1989 | 1.6369 | 1.7923 | 1.4973 | 1.5410 | +2.6% |
| 1990 | 1.3901 | 1.5785 | 1.2440 | 1.2770 | -17.1% |
| 1991 | 1.4356 | 1.5898 | 1.2347 | 1.3615 | +6.6% |
| 1992 | 1.4064 | 1.5485 | 1.2260 | 1.4660 | +7.7% |
| 1993 | 1.4781 | 1.5467 | 1.3905 | 1.4880 | +1.5% |
| 1994 | 1.3667 | 1.4910 | 1.2450 | 1.3100 | -12.0% |
| 1995 | 1.1812 | 1.3130 | 1.1172 | 1.1540 | -11.9% |
| 1996 | 1.2361 | 1.3515 | 1.1573 | 1.3390 | +16.0% |
| 1997 | 1.4514 | 1.5360 | 1.3430 | 1.4610 | +9.1% |
| 1998 | 1.4506 | 1.5420 | 1.2935 | 1.3735 | -6.0% |
| 1999 | 1.5045 | 1.6015 | 1.3585 | 1.5930 | +16.0% |
| 2000 | 1.6904 | 1.8250 | 1.5526 | 1.6202 | +1.7% |
| 2001 | 1.6891 | 1.8185 | 1.5858 | 1.6598 | +2.4% |
| 2002 | 1.5567 | 1.7190 | 1.3833 | 1.3833 | -16.7% |
| 2003 | 1.3450 | 1.4181 | 1.2380 | 1.2380 | -10.5% |
| 2004 | 1.2428 | 1.3202 | 1.1338 | 1.1412 | -7.8% |
| 2005 | 1.2459 | 1.3255 | 1.1466 | 1.3148 | +15.2% |
| 2006 | 1.2532 | 1.3201 | 1.1911 | 1.2195 | -7.3% |
| 2007 | 1.1999 | 1.2534 | 1.1005 | 1.1329 | -7.1% |
| 2008 | 1.0816 | 1.2238 | 0.9860 | 1.0673 | -5.8% |
| 2009 | 1.0860 | 1.1893 | 0.9984 | 1.0358 | -3.0% |
| 2010 | 1.0432 | 1.1614 | 0.9369 | 0.9369 | -9.6% |
| 2011 | 0.8862 | 0.9755 | 0.7296 | 0.9374 | +0.1% |
| 2012 | 0.9377 | 0.9957 | 0.8949 | 0.9155 | -2.3% |
| 2013 | 0.9269 | 0.9814 | 0.8856 | 0.8904 | -2.7% |
| 2014 | 0.9147 | 0.9934 | 0.8712 | 0.9934 | +11.6% |
| 2015 | 0.9628 | 1.0305 | 0.8488 | 1.0017 | +0.8% |
| 2016 | 0.9848 | 1.0334 | 0.9536 | 1.0160 | +1.4% |
| 2017 | 0.9842 | 1.0266 | 0.9456 | 0.9738 | -4.2% |
| 2018 | 0.9784 | 1.0083 | 0.9232 | 0.9832 | +1.0% |
| 2019 | 0.9937 | 1.0218 | 0.9677 | 0.9677 | -1.6% |
| 2020 | 0.9389 | 0.9866 | 0.8832 | 0.8841 | -8.6% |
| 2021 | 0.9144 | 0.9427 | 0.8784 | 0.9146 | +3.5% |
| 2022 | 0.9550 | 1.0131 | 0.9102 | 0.9241 | +1.0% |
| 2023 | 0.8984 | 0.9420 | 0.8396 | 0.8405 | -9.1% |
| 2024 | 0.8808 | 0.9195 | 0.8420 | 0.9068 | +7.9% |
| 2025 | 0.8305 | 0.9192 | 0.7871 | 0.7936 | -12.5% |
| 2026 YTD | 0.7990 | 0.8385 | 0.7666 | 0.8230 | +3.7% |
1971–2026 · 55 complete calendar years. Annual figures are averages of available daily observations. 2026 is year to date: the average is based on 209 published trading days through 2026-10-30.
USD/CHF by decade
Annual averages grouped into decade buckets. The first and last buckets may cover fewer than ten years.
| Period | Average | High | Low | vs previous |
|---|---|---|---|---|
| 1971–1979 | 2.7812 | 4.3180 | 1.4710 | n/a |
| 1980–1989 | 1.8973 | 2.9245 | 1.2715 | -31.8% |
| 1990–1999 | 1.3901 | 1.6015 | 1.1172 | -26.7% |
| 2000–2009 | 1.3391 | 1.8250 | 0.9860 | -3.7% |
| 2010–2019 | 0.9613 | 1.1614 | 0.7296 | -28.2% |
| 2020–2026 | 0.8881 | 1.0131 | 0.7666 | -7.6% |
Average of the annual averages in each period. The first and last rows cover partial decades.
Five largest USD/CHF moves
The largest absolute year-end changes in the published series, using complete calendar years only.
- 1974 -21.7% 3.2510 to 2.5445
Year-end rate moved from 3.2510 to 2.5445, a change of 21.7%.
- 1986 -21.6% 2.0600 to 1.6140
Year-end rate moved from 2.0600 to 1.6140, a change of 21.6%.
- 1987 -21.2% 1.6140 to 1.2715
Year-end rate moved from 1.6140 to 1.2715, a change of 21.2%.
- 1985 -20.8% 2.6010 to 2.0600
Year-end rate moved from 2.6010 to 2.0600, a change of 20.8%.
- 1984 +19.4% 2.1790 to 2.6010
Year-end rate moved from 2.1790 to 2.6010, a change of 19.4%.
USD/CHF history: common questions
What was the USD/CHF rate in 1971?
One USD averaged 4.1171 CHF in 1971, with a range of 3.8754 to 4.3180 and a year-end rate of 3.9147.
What is the lowest USD/CHF rate on record?
The lowest annual average was 0.7990 in 2026. The lowest single observation was 0.7296 in 2011.
What is the highest USD/CHF rate on record?
The highest annual average was 4.1171 in 1971. The highest single observation was 4.3180 in 1971.
How volatile has USD/CHF been?
Across 55 complete years the average annual change was -2.3% with a standard deviation of 11 percentage points. The largest drawdown was 79.7%, from 1971 to 2025.
What was the biggest single-year move in USD/CHF?
1974 was the largest, at -21.7%. The year-end rate moved from 3.2510 to 2.5445.
How is the USD/CHF rate calculated?
The annual figures are averages of daily observations in Federal Reserve H.10 (DEXSZUS). Highs and lows are the most extreme single observations in each calendar year.
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