EUR/CHF: whatever happened to the world’s most boring currency pair?

EUR/CHF used to move about 30 pips in a week. Today we’ve seen it go up 250 pips and then drop 200 pips, and thats before Zurich really gets going. I wouldn’t be at all surprised to see the SNB using its strong relationships with UBS, CS etc to start off-loading some of the 20+ billion EUR/CHF it’s thought to have bought over the last few weeks (thanks Iman). Sell silly rallies would seem to be the best strategy here.