USD/CHF rises above 0.8250 after Fed's first rate hike since 2023.

Key points

• The Federal Reserve's unanimous decision to raise the target range by 25 basis points to 3.75%-4.00% on September 16, 2026, marks the first rate hike since 2023, strengthening the U.S. dollar.
• The Swiss National Bank (SNB) maintained its policy rate at 0%, with no immediate plans for change, keeping the interest rate differential between the USD and CHF favorable for the U.S. dollar.
• The SNB has historically leaned against excessive franc appreciation, indicating potential intervention if the franc strengthens too rapidly.