EUR/CHF Breaks Above 0.92 as SNB Rate Cut Fuels Policy Divergence Trade

EUR/CHF is trading near 0.92 and has gained more than 1% in June after the Swiss National Bank's rate cut this month widened the monetary policy gap with the ECB, driving the pair sharply higher and above key resistance levels. The move marks a significant recovery from below 0.90 earlier in 2026. A June survey of major banks now shows broad consensus for EUR/CHF stabilising in the 0.92–0.95 range through 2027, though Goldman Sachs, HSBC and Danske remain cautious at 0.90–0.91. ING warns further upside may stall unless the ECB turns more dovish, with eurozone inflation and growth data the next key catalysts.