My guess is that the CHF will become cheaper, despite being a "safe" currency when times are hard. The Hungarians and Poles no longer take out their mortgages in CHF, and are busy converting existing ones to EUR or the local currency. The SNB auctioned off a few billion the other day at 1.48 to the EUR, and didnt fill half the allowed quota. Sprinkle in a scary banking system, and the threat of recession, and it should dip.