🇨🇭 CHF vs 🇳🇴 NOK: Currency Strength Comparison
Data updated: November 6, 2026
On November 6, 2026, one Swiss Franc bought 11.51 NOK at the official reference rate, so per unit the Swiss Franc is worth more. A higher unit value only reflects how each currency is denominated, not which one is gaining: over the past 12 months CHF weakened by 8.6% against NOK, so on momentum the Norwegian Krone (NOK) is the stronger of the two.
Adjusted for consumer-price inflation in both economies, CHF lost 6.9% in real terms against NOK over the same period.
CHF relative to NOK
Positive values mean CHF strengthened against NOK.
CHF vs NOK over the last three years
CHF against NOK, index 100 on November 6, 2023. A rising line means CHF gained on NOK. Dashed: the same, adjusted for consumer-price inflation in both economies. Green dot: 3-year high, red: 3-year low.
- 3-year high: 106.7 on April 11, 2025, when CHF was at its strongest against NOK in the period.
- 3-year low: 91.3 on October 28, 2026.
- Now: 93.9, 12% below the high and 2.9% above the low.
- Sharpest one-month move: CHF rose 10.7% against NOK between April 2, 2025 and April 11, 2025, around the time of “Franc surges on tariff safe-haven flows” (🇨🇭 April 2, 2025).
What moved CHF and NOK
- · 🇳🇴 Oil tops $108 as Iran targets Hormuz shipping — Escalation in the Strait of Hormuz extends the energy windfall for oil-exporting Norway
- · 🇳🇴 US-Israel strikes trigger Iran war — Coordinated strikes on Iran spark a new Middle East conflict, sending oil prices sharply higher
- · 🇨🇭 US-Switzerland cut tariff to 15% — A new framework deal cuts the US tariff on Swiss goods from 39% to 15%
- · 🇨🇭 US imposes 39% tariff on Switzerland — A 39% US tariff takes effect on Swiss goods, the highest rate on any developed economy
- · 🇨🇭 SNB cuts policy rate to zero — Swiss National Bank cuts to 0.00%, its sixth straight reduction, amid very low inflation
- · 🇳🇴 Norges Bank cuts to 4.25% — Norges Bank delivers its first cut of the cycle, lowering the rate to 4.25%
Major central-bank decisions, elections and shocks for the two currencies since November 6, 2023. The interactive chart marks them on the line.
Performance against 15 major currencies
| Currency | 12-month change vs basket | Rank |
|---|---|---|
| 🇨🇭 Swiss Franc (CHF) | -0.4% | #8 of 16 |
| 🇳🇴 Norwegian Krone (NOK) | +9.6% | #1 of 16 |
Open the interactive CHF/NOK chart →
How this comparison works
Each currency's strength index starts at 100 and accumulates its daily change against 15 other major currencies (a geometric mean of pairwise exchange-rate moves), using European Central Bank reference rates and other official sources. The relative figures above divide CHF's index by NOK's, so they reflect the two currencies' performance against each other while accounting for the whole basket. The real variant additionally adjusts each currency for its domestic CPI inflation.
Read the full methodology →Frequently asked questions
Is CHF stronger than NOK right now?
It depends on the question. Per unit, 1 CHF = 11.51 NOK (reference rate, November 6, 2026), so the Swiss Franc is worth more. As for which one is gaining, over the past 12 months CHF weakened by 8.6% against NOK, so on momentum the Norwegian Krone (NOK) is the stronger of the two.
How do CHF and NOK perform against other major currencies?
Against a basket of 15 major currencies over the past 12 months, CHF ranks #8 of 16 (-0.4%) while NOK ranks #1 (+9.6%).
What does the CHF vs NOK strength comparison show?
Rather than a single exchange rate, this page compares how each currency performed against a basket of 15 major currencies, then derives their relative strength. It filters out moves caused by the other currency alone and shows who is truly stronger.
How often is the data updated?
Every trading day (Monday to Friday), after the European Central Bank publishes its reference rates, usually around 16:00 CET.