The franc’s relentless rise is “undermining the competitiveness” of Swiss exporters, trade groups have warned, as companies from Roche to Swatch warn on the hit from the currency’s trade war rally. The franc has risen 3% this year, on top of a 14% gain last year, taking it to CHF0.77 to the dollar for the first time since its shock 2015 appreciation. The surge in the haven currency – driven by volatile geopolitics and a slide in the dollar – is ramping up the pressure on an economy where exports of goods and services add up to more than 70% of GDP. Pharma company Roche and watch maker Swatch Group reported hits to 2025 sales of about 5% from the franc’s appreciation, while Cartier owner Richemont has also flagged currency headwinds. Trade associations say the pain has been particularly acute for small and medium-sized companies that generate revenues abroad while incurring most of their costs at home. “The Swiss franc’s appreciation against both the euro and the US dollar is …