As Swiss franc is exposed to events in Europe (high correlation to EUR) plus negative interest rate that will likely increase, ie becoming more expensive to store funds in CHF, Swiss banks will likely become less and less of a safe haven as other currencies become more attractive or even perhaps Gold. Also, don't forget with new tax and bank secrecy laws, Switzerland is becoming less and less a destination for offshore funds. In any case, Switzerland has a manufacturing sector to protect and preventing the CHF to increase further will be a job for the SNB.
On the other hands, the US economy is shaking off the winter blues and looks to increase rate in the next six months perhaps making it a destination for global funds as a carry trade.
On the other hands, the US economy is shaking off the winter blues and looks to increase rate in the next six months perhaps making it a destination for global funds as a carry trade.