EUR/CHF has slumped 1.0032 to 0.9867 EBS in a few days

In this period stock markets have been robust

Franc's rise is not due to risk aversion

Sight deposits have collapsed since September

It is not due to interest rates as EZ rates are rising above Swiss

It is not due to fear of bigger movement - vol is low

It may be due to reserve adjustments - SNB is paring reserve

Rise above parity fuelled a lot of bullish speculation

It may have provided SNB with an opportunity to sell euros