- February 12, 2026
- Posted by: EWGFX
- Category: news
USD/CHF remains steady after two days of gains, trading around 0.7710 during the Asian hours on Thursday. However, the pair may weaken as the Swiss Franc (CHF) could receive support as Switzerland’s 10-year government bond yield climbed to 0.32%, its highest level since December, amid sustained safe-haven demand. Rising yields enhance the appeal of Swiss assets for foreign investors, boosting capital inflows and lending support to the currency.
The Swiss National Bank (SNB) is widely expected to keep its policy rate at 0% in the near term, as inflation is projected to remain on target over the next two years and the bar for reintroducing negative rates remains high.
Ongoing concerns around artificial intelligence and reports that Chinese regulators have urged financial institutions to limit exposure to US Treasuries due to policy uncertainty added to the cautious market tone.
Investors are closely monitoring macroeconomic releases for clues on the interest rate outlook. Switzerland’s January inflation figures, scheduled for February 13, are expected to show annual inflation holding at a muted 0.1%.
The USD/CHF pair maintains its position as the US Dollar (USD) receives support amid rising likelihood of Federal Reserve (Fed) caution on policy outlook following stronger-than-expected US jobs data released on Wednesday.
The CME FedWatch tool suggests that financial markets are now pricing in nearly a 94% probability that the Fed will leave rates unchanged at its next meeting, up from 80% the previous day. The US Consumer Price Index (CPI) inflation report will be the highlight later on Friday.
US Nonfarm Payrolls rose by 130,000 in January, following a revised 48,000 increase in December (previously 50,000), beating market forecasts of 70,000. Meanwhile, the Unemployment Rate edged lower to 4.3% from 4.4%.