How does USD/CHF react to the SNB rate decision?
In the first 30 minutes after the SNB rate decision, USD/CHF has typically moved 17 pips either way (the median of the last 8 releases, 12 Dec 2024 to 24 Sep 2026), and 38 pips after 4 hours. The first move held to the 4-hour mark on 8 of 8 releases. 7 of the 8 prints matched the forecast, so the reaction came from the detail and the outlook more than the headline figure. The largest first-30-minute move was +50 pips on 12 Dec 2024.
What the numbers say
The move has usually kept going after the first half hour: the typical 4-hour move (38 pips) is 2.2 times the first 30 minutes. The first reaction has been a fair guide here: it held to the 4-hour mark 100% of the time.
The last 8 releases
Each row is one SNB release: the figure against the forecast, then USD/CHF over the first 30 minutes and the first 4 hours.
| Release | Actual vs forecast | First 30 min | First 4 hours |
|---|---|---|---|
| 24 Sep 2026 | 0% vs 0% as expected | +44 pips | +42 pips |
| 18 Jun 2026 | 0% vs 0% as expected | +11 pips | +48 pips |
| 19 Mar 2026 | 0% vs 0% as expected | +5.0 pips | +26 pips |
| 11 Dec 2025 | 0% vs 0% as expected | −8.0 pips | −34 pips |
| 25 Sep 2025 | 0% vs 0% as expected | +13 pips | +2.5 pips |
| 19 Jun 2025 | 0% vs 0% as expected | −21 pips | −30 pips |
| 20 Mar 2025 | 0.25% vs 0.25% as expected | +35 pips | +48 pips |
| 12 Dec 2024 | 0.5% vs 0.75% lower than expected | +50 pips | +47 pips |
Sources: Yahoo Finance 5-minute and hourly bars, the TradingView economic calendar (actual and forecast). Gold is COMEX futures, US indices are CME futures.
How traders prepare for SNB
- SNB has landed at 9:30 Zurich on most of these releases. Every window on this page is measured from that minute.
- The 4 hours before the print drifted the same way as the move after it on 3 of 7 releases, so the drift in has said little about the move after.
- The typical first-hour range, high to low, has been 28 pips. A stop or a limit order closer than that to the price at the print has usually been reached by the release noise alone.
- The prices are mid quotes from intraday bars, not a broker's fill: spreads widen around a release, so a real order can fill worse than these numbers.
The next release
The next SNB date is not on the public economic calendar yet. This page refreshes on its own after every release.
See this before every release, free
The free section's calendar Playbook shows this same history on every release before it prints: what USD/CHF and the other main markets did on hotter and cooler figures, and the first hours after.
Open the free section →FAQ
How much does USD/CHF move after SNB?
Over the last 8 releases the median first-30-minute move was 17 pips and the median 4-hour move was 38 pips. It rose in the first 30 minutes on 6 and fell on 2.
Does the first move after SNB hold?
On 8 of 8 releases the first 30 minutes and the 4-hour mark moved the same way.