EUR/CHF saw a big increase in volumes a few days back when it broke above 1.2200 and we are now over 100 pips above that level. USD/CHF saw a similar reaction on the break above .9350.
There are massive structurally long positions in CHF assets which have been built up over the last 5 years. We saw similar build-ups in Yen and in Gold which have recently started to unwind. If a similar move happens in the Swiss financial markets, then USD/CHF and EUR/CHF will be trading at 1.10 and 1.40 respectively.