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The USD/CHF pair weakened on Monday, slipping below the key 0.8000 psychological level as investors shifted toward safe-haven assets amid escalating geopolitical tensions and growing concerns over the independence of the U.S. Federal Reserve.
At the time of writing, USD/CHF was trading near 0.7970, down around 0.55% on the day, ending a four-session winning streak.

Safe-Haven Flows Boost Swiss Franc
The Swiss Franc (CHF) gained strength as global risk sentiment deteriorated. Heightened geopolitical tensions in the Middle East have driven investors away from risk-sensitive assets and into traditional safe havens.
Market caution intensified after U.S. President Donald Trump warned Tehran against using force on protesters and suggested potential action if the situation escalates. In response, Iranian officials cautioned against any intervention by the United States or Israel, reinforcing risk aversion across global markets.
Additional uncertainty emerged in Europe, where discussions around increasing military presence in Greenland and the Arctic region have added to geopolitical unease. The UK and Germany are reportedly considering deeper involvement, with NATO-related proposals under discussion.
SNB Policy Expectations Support CHF
The Swiss Franc also finds backing from expectations surrounding the Swiss National Bank (SNB). Swiss inflation rose modestly to 0.1% year-over-year in December, its first increase since July, but remains near the lower end of the SNB’s 0%–2% target range.
This data supports the view that the SNB is likely to keep interest rates at 0% in upcoming meetings, while allowing inflation to rise gradually alongside economic recovery — a stance that continues to underpin CHF stability.

US Dollar Pressured by Fed Concerns and Rate Cut Bets
On the other side, the U.S. Dollar (USD) remains under pressure due to political and institutional uncertainty. Investor sentiment deteriorated after reports that federal prosecutors opened a criminal investigation into Federal Reserve Chair Jerome Powell, focusing on a renovation project at the Fed’s Washington headquarters and potential congressional testimony issues.
These developments have renewed concerns about the independence of the Federal Reserve, weighing on confidence in the Greenback.
Additionally, expectations for further U.S. interest rate cuts continue to cap USD strength. Recent labor market data showed Nonfarm Payrolls rising by just 50,000 in December, below market expectations of 60,000, reinforcing bets on monetary easing despite a slight dip in the unemployment rate to 4.4%.
Outlook
With geopolitical risks elevated, Fed-related uncertainty unresolved, and rate cut expectations building, USD/CHF remains vulnerable to further downside, particularly while trading below the 0.8000 level. Continued demand for safe-haven assets could keep the Swiss Franc supported in the near term.

Market Snapshot
USD/CHF: ~0.7970Daily Change: -0.55%Key Resistance: 0.8000
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اعتبارًا من 27 يناير 2026، وصل الدولار الأمريكي إلى أدنى مستوى له منذ ما يقرب من أربع سنوات، حيث انخفض مؤشر بلومبرغ لسعر الدولار إلى أضعف نقطة له منذ مارس 2022. تعكس هذه الانخفاض تحولًا حادًا في المشاعر العالمية مدفوعًا بالمخاطر السياسية المحلية وتغير الديناميات النقدية الدولية.
حالة السوق الحالية
الأداء: انخفض مؤشر الدولار (DXY) إلى حوالي 96.16–96.2، مما يمثل انخفاضًا بأكثر من 10% في الـ 12 شهرًا الماضية.
العملات النظيرة: لقد أدى ضعف الدولار إلى ارتفاعات في عملات رئيسية أخرى. وصل اليورو إلى أعلى مستوى له منذ يونيو 2021 (1.20 دولار)، وارتفع الجنيه الإسترليني إلى أعلى مستوى له منذ أكتوبر 2021 (1.38 دولار).