The carry trade is a major factor in the CHF ( as like theJPY) is a cheap funding currency so major hedge funds like to sell the CHF againsthigher yielding currencies . These carry trades are trillions of USD in notonal . A 5% unwinidng ( due to some kind of global risk aversion) would see the CHF strenghten quite significantly. SO the argument about the CHF is no longer a safe haven currency is not quite true .