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SNB Interest Rate Decision, March 2026

The Swiss National Bank held the SNB policy rate at 0.00% on March 19, 2026, as expected.

Decision0.00%■ hold
Against expectedAs expectedexpected 0.00%
Previous0.00%SNB policy rate
USD/CHF one hour later +8.4 pips from the last price before
The result

What the SNB decided in March 2026

The move Hold Held at 0.00%.
Against expected No surprise Economists expected: hold at 0.00%. The decision was as expected.
Timing 9:30 AM Zurich Thursday, March 19, 2026; press conference at 10:00 AM Zurich.
What price did

USD/CHF after the SNB decision, minute by minute

One-minute candles, Zurich time. The box is the hour before the announcement. How we measure.

USD/CHF one-minute chart around the Swiss National Bank decision of Mar 19, 2026 The hour before the 09:30 announcement ranged 17 pips. The first spike went above it by 7.9 pips, and a five-minute candle closed back inside after 5 minutes. 0.792 0.793 0.794 0.795 08:30 09:00 09:30 10:00 10:30 11:00 THE HOUR BEFORE SNB 09:30 PRESS CONF. Spike 0.79380 · 7.9 pips past the hour's high Closed back inside · 5 min
  1. The hour beforeUSD/CHF ranged 17 pips, from 0.79130 to 0.79301, and was at 0.79245 at the announcement.
  2. The first spike After 0 minutes price went through the hour's high and ran 7.9 pips past it.
  3. The close back A five-minute candle closed back inside the range after 5 minutes.
  4. The other side Price did not trade through the opposite edge within four hours.
  5. The moves From the last price before the announcement: +2.8 pips at 15 minutes, +8.4 pips at one hour, +21 pips at four hours.
For context

Across 7 measured SNB decisions since January 2025, the first spike closed back inside the hour-before range within 60 minutes in 4 (57%), and in 1 of those price then took the other side within four hours. In the other 3 the first move held. Median move in the first 15 minutes: 17 pips.

This decision is one of the closed-back cases. Counts include the decisions where it did not close back. All SNB dates · SNB overview.

Questions

SNB March 2026 decision: questions

What time was the SNB interest rate decision on Mar 19, 2026?

It was announced at 9:30 AM Zurich (4:30 AM EDT New York, 8:30 AM London London), with the press conference at 10:00 AM Zurich.

What did the SNB decide in March 2026?

Held at 0.00% (previous 0.00%). Economists expected: hold at 0.00%, so the decision was as expected.

How did USD/CHF react to the SNB decision in March 2026?

On one-minute candles: the hour before ranged 17 pips; the first spike went above it by 7.9 pips; a five-minute candle closed back inside after 5 minutes; after one hour USD/CHF was +8.4 pips from its pre-announcement price.

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