As has been stated it is two flight to quality sovereigns. You can learn a lot by watching the price action and stat-vol on this pair and how it translates into natural strength(or weakness) in their other cross-rates. Right now the CHF/JPY is trading as though this current print at 1123 ES should be bought (no position).
USDCHF long term chart. http://stooq.pl/q/?s=usdchf&c=50y&t=l&a=ln&b=1 Dollar lost 80% of its value to CHF. nothing new under the sun. in next 5 years the rate will probably slide to 0.2 :eek: