The Pound to Swiss franc (GBP/CHF) exchange rate hit 2-month highs above 1.0620 last week before a limited retreat to 1-week lows near 1.0570 this week.
MUFG does not expect that the Pound can sustain its out-performance while it also expects that the Swiss franc will regain territory. In this context, the bank expects GBP/CHF will slide to 1.02.
Energy prices remain elevated with a fresh spike following failure of the US-Iran talks in Pakistan. There was, however, a muted reaction with equity markets seeing buying on dips with the Pound still broadly resilient in global markets.
Higher yields have, so far, underpinned the Pound, especially as risk appetite has been broadly resilient, and Sterling will tend to gain net support if there is global interest in carry trades
MUFG, however, does not expect that this strength will be sustained, especially as there is likely to be increased evidence of damage to the UK economy which will discourage Bank of England rate hikes.
The bank notes that the Swiss franc has been the third-worst performing currency since the Iran conflict started while it was the second-strongest performer in the 2022 energy crisis and it expects renewed franc buying.
GBP/CHF — Key Rate Highlights:
Current Rate: 1.060118 (15 Apr 2026, 10:58 UTC)
Daily Move: -0.00% (-0.000009)
Latest Close: 1.060115 (14 Apr)
April Range: 1.053331 – 1.062985
April Performance: +0.34%
12-Month Range: 1.030112 – 1.120680
Recent Trend: GBP/CHF trading broadly sideways in April after a strong March advance, with momentum stabilising
Disclaimer: For information only, not investment advice. This Pound-Franc forecast summarises and interprets third-party research; views expressed are those of the original source and may not fully reflect the source’s complete analysis. Neither the source nor we accept liability for reliance on this interpretation.
