Societe Generale - "EUR/CHF continued its move higher and is in the process of taking out the layer of strikes between 1.24 and 1.25 and this it seems without even any large scale reallocation of capital out of CHF. Hence, the probability is that the process will accelerate as safe haven bids leave the CHF (bank deposits). Our range of model is skewed by the fact that the EUR/CHF was floored for such as long time but gives a range of value between 1.19 add 1.36 with an average of 1.25. The DKK moved earlier than CHF indicating that the reallocation of capital out of safe haven had started for some time. Local curves will eventually suffer from the disappearance of safe haven flows."