Strong CHF pressures SNB to act – ING

The Swiss Franc (CHF) remains strong, ING's FX analyst Chris Turner notes.

EUR/CHF may face intervention near 0.9200

"The Swiss National Bank continues to have its hands tied - seemingly reluctant to take the policy rate negative again and also to undertake large-scale FX intervention in the middle of trade discussions with the US."

"More trade volatility could send USD/CHF and EUR/CHF lower next week. With the strong Swiss franc adding to Switzerland's disinflation problem, it does look like the SNB will have to try and intervene in the 0.9200/9250 area in EUR/CHF after all."

Jul 4, 2025

EUR/USD: Expected to trade in a range between 1.1730 and 1.1805 – UOB Group

Euro (EUR) is expected to trade in a range between 1.1730 and 1.1805. In the longer run, upward momentum is slowing rapidly, but there is a slim chance for EUR to rise toward 1.1830 before a more sustained and notable pullback is likely, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

EUR/USD: Speed bumps on the road – OCBC

Euro (EUR) slipped overnight, consistent with our caution for slower pace of gains or even some consolidation in the interim. ECB minutes overnight highlighted concerns of EUR’s appreciation and higher tariff that may affect exports.