Higher volatility and accelerated downward dynamics of the EURO towards the Swiss Franc has been explained by observers in the Swiss financial magazine ‘cash’ as a consequence of the current leadership crisis at the top of the Swiss National Bank.

Given the dramatic pressure on the EUR exchange rates in the recent days and weeks there is growing evidence for a new test of the CHF limit set by the Swiss National Bank at 1,20 CHF for 1 EUR last year.

The volume invested by the SNB to keep this limit is not public but estimates are dramatically high.

In case market speculation pushed the CHF lower than the defence line of 1,20 a much broader challenge of the limit is expected.