FXstreet.com (Barcelona) - Sebastien Galy Senior FX Strategist at Societe Generale, notes that the search for yield is driving EUR/USD higher and the Swiss investor base is lagging given apparently more risk aversion.

He writes, “The CHF is very expensive by long-term metrics as the JPY is. Japan has been overtly putting pressure to weaken its currency. Switzerland seems far more subtle, but no less determined to achieve the same. ZKB was the latest bank to move to negative interest rates. The move in CHF is likely to mimic to some extent that of the Yen but it is hampered by far better fundamentals. It is the chocolate monster after all. Long live Spruengli.”