06.09.2011: The Swiss central bank introduced the cap in response to investors buying up massive amounts of the Swiss franc as a safer foreign exchange.
15.01.2015: The Swiss National Bank (SNB) stunned markets on Thursday by dumping a 3 year old policy of capping the franc at 1.20 a euro.
The CHF cap had helped keep Swiss export prices competitive.
In a chaotic few minutes after the announcement, CHF soared nearly:
– 28.6 percent against the dollar, USD/CHF (Open: 1.0205, Low: 0.7278)
– 27.7 percent against euro, EUR/CHF (Open: 1.2009, Low: 0.8681)
– 23.7 percent against the pound, GBP/CHF (Open: 1.5540, Low: 1.1856)