It's tough being a low-yielding safe haven currency. In good times, nobody wants you and you are used for carry trades. In bad times, you're highly sought after and your value seems completely decoupled from your economy.
Such is the fate of the Swiss franc. The Swiss National Bank must feel like it's Groundhog Day. Four years ago, as the Greek crisis heated up and everyone feared an imminent break-up of the euro zone, the SNB took radical action by pegging the Swiss franc against the euro. That worked beautifully for more than three years. Until the European Central Bank signaled it was going to embark on a massive round of bond-buying and the peg was no longer tenable.