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ForexMediumUpdated•Originally published 3 March 2026•Updated 3 March 2026•
1 min read

Nomura Joins Credit Agricole in Predicting SNB Intervention to Curb Franc Strength

Key Facts

1Credit Agricole suggests the SNB likely intervened to limit CHF gains after EUR/CHF hit a low of 0.9025.
2The 0.90 level for EUR/CHF is highlighted as a key 'line in the sand' for the SNB.
3The Swiss franc is currently at its strongest level on a real basis since 2011.

Nomura analysts have joined Credit Agricole in suggesting that the Swiss National Bank (SNB) is likely to favor foreign exchange intervention to limit the Swiss franc's appreciation. The bank argues that the intensifying conflict-driven risk environment is placing significant upward pressure on the CHF as a safe-haven asset. This outlook follows the EUR/CHF pair hitting 0.9025, nearing the critical 0.90 level often viewed as a 'line in the sand' for the central bank. With the franc trading at its strongest real levels since 2011, the SNB faces mounting pressure to protect the nation's export-oriented economy. Analysts believe that FX intervention remains the preferred tool for the SNB to cap currency gains and maintain economic stability in the short term. Investors remain on high alert for official action as geopolitical tensions continue to drive demand for safe-haven currencies.