Swiss companies expect the Swiss franc to remain strong in 2026. This is the finding of the UBS Outlook Switzerland study, which is based on a foreign exchange survey of around 300 companies conducted by UBS Chief Investment Office Global Wealth Management in late autumn 2025.
These companies anticipate that the dollar–franc exchange rate will be 0.78 at the end of the year and the euro–franc exchange rate 0.91. This is close to UBS’s estimate of 0.79 for the dollar. For the euro, on the other hand, the bank expects a rate of 0.95. According to the Swiss National Bank, as of 10 February the dollar–franc exchange rate stood at 0.7655 and the euro–franc exchange rate at 0.9120.
Only a minority consider the weak dollar to be a problem. “This is probably because the United States is the most important sales market only for a minority of export-oriented companies, while import-oriented companies actually benefit from a stronger franc,” said UBS economist Florian Germanier in a statement.
Export-oriented companies that charge in dollars are negatively affected. Only 11 percent of companies say that exports would no longer be worthwhile if the dollar were to fall to a rate between 0.75 and 0.79 francs. However, if the rate were to drop below 0.75 francs, this would be the case for almost half of export-oriented companies.
Companies also expect continued weak growth, with 25 percent even predicting slower growth than in 2025. UBS likewise does not expect foreign trade to provide a significant boost to Swiss economic growth. “With parts of pharmaceutical production set to shift to the United States in the coming years, the growth potential of the Swiss economy is also likely to come under pressure,” said UBS economist Maxime Botteron.