Risk ON Risk OFF

Note: The answer to my question may extend beyond FX, but I couldn't find a more appropriate section.. anyways

I have been reading and hearing the phrases 'risk on' and 'risk off' for a few months now and would like to know what players they are talking about and what trades are being made with 'risk on' or 'risk off' ( besides the obvious long JPY during 'risk off' )

Many thanks.

 

The players are the usual suspects.

Risk on - long EURCHF
Risk off - short EURCHF

Simples.

 

Are you saying CHF is the only 'risk off' left?
Everything else is 'risk on'? (relatively...)

 

AUD, CAD and NZD are examples of other risk on currency trades.