The Swiss are going crazy because they can’t figure out what to do with their currency. Yesterday, EUR/CHF collapsed after SNB President Roth ruled out intervention. This morning, the currency pair has completely reversed its earlier losses because the Finance Minister said that the government would support the SNB in selling Swiss Francs.
It certainly smells like there are some political disputes over in Switzerland, which is never good for a currency. Either way, USD/CHF is in the buy zone and there is a lot of support around the 1.1375 to 1.1420 level. We could see a move up to 1.18.