Take a look at them, and lets have a green full discussion .
1) The stress in the euro area is fading away, slowly but steadily
as said by Societe Generale
This is good for EUR(not EUR/USD) in the long term
At the same time not so good for CHF, Which gains when risk aversion flares up.
Traditionally USD, CHF and JPY enjoy the safe haven tag.
But lately the BOJ decision to have a weaker yen took the sheen away from JPY.
And USD will only become more attractive as the tapering measures unwind.
2) Swiss Franc is supported by big current account surplus (10.25% of GDP)
A large part of this inflow is through the banking sector.
The image below clearly shows how closely the current account surplus and the banking sector are related.
During the 2008 banking sector collapse, the current account surplus went negative.
But it will be very difficult for the bank…