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ForexHigh ImpactUpdated•Originally published 2 March 2026•Updated 3 March 2026•
1 min read

Swiss Franc Hits Decade High Against Euro; MUFG Highlights SNB Intervention Readiness

Key Facts

1The Swiss Franc reached decade highs against the Euro driven by safe-haven demand.
2US-Israeli military strikes on Iran triggered a broad flight to safety in global markets.
3Threats of intervention from the Swiss National Bank (SNB) helped cool the CHF rally.

The Swiss Franc surged to its highest level against the Euro in a decade as geopolitical tensions in the Middle East triggered a massive flight to safe-haven assets. Military strikes by the United States and Israel on Iran prompted investors to seek refuge in the Swiss currency, driving significant volatility across forex markets. Analysts at MUFG have highlighted that the Swiss National Bank (SNB) is now signaling a clear readiness to intervene in the forex market to curb the Franc's excessive strength. This proactive stance by the central bank is primarily aimed at protecting Swiss exports from the negative impact of an overvalued currency. Consequently, the EUR/CHF pair saw a slight recovery from its recent lows as market participants began pricing in the risk of direct intervention. Investors remain cautious, closely monitoring further military developments and official SNB statements for future direction.