The Swiss National Bank (SNB) has the mandate to maintain CPI inflation near 2% on a yearly basis but is currently running at just 0.2%. CHF’s strength is not welcomed by SNB, economists at Rabobank reports.
Key quotes
“The strong performance of the CHF can be associated with Switzerland’s robust fundamentals which ensure that the currency is considered by many investors to be store of value. While there have been a wide number of exogenous factors which have sparked flows into safe-haven currencies such as the CHF or the JPY over the years, the CHF is particularly sensitive to bad news stemming from the Eurozone.”
“Even if coronavirus fears lessen, the recent worsening in Eurozone economic data threatens to keep the CHF stronger for longer. The SNB is mandated to

Retail data shows that the SNB peg removal in January 2015 as early as April 2015 with minimal adverse impact on the economy.
Trade surplus showed that Switzerland had fully recovered its lost trade surplus in May and expectations crossed an important threshold into positive territory in June.
CHF strengthened since May end, as the market caught wind of the Swiss recovery, and the Grexit would further strengthen the CHF if it were to occur.

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(via Seeking Alpha)
The Swiss economy had done well despite the scrapping of the peg by the Swiss National Bank (SNB) in January 2015 for CHF1.20 for each euro. The CHF had strengthened to CHF0.93 against the euro, and the fears of the collapse of the Swiss economy based on the stronger CHF proved to be unfounded as the latest data would show. Today, we will be looking at the Swiss economic performance from the perspective of retail sales, trade balance and expectations of economic outlook.
Retail, Trade Surplus and Expectations Point To A Swiss Recovery
Starting with retail sales, Swiss Statistics reported that retail sales grew by 1.6% in April which reversed the declines of 3 consecutive months since the removal of the peg.