Everyone commenting on the exchange rate, but nobody commenting on the negative interest rate? If you want to keep your money in CHF the Swiss banks are going to charge you 0.75% for the privilege.

This is the "safe asset premium". Given the uncertain world, people and organisations with vast wealth are looking for ways to maintain it. In a globally shrinking economy this is not as easy as it sounds. And it's a lot - for example, UBS have $2trn assets under management.

Edit from my other comment: this is the interbank target rate only, normal deposit rates are just above zero: http://www.ubs.com/ch/en/swissbank/private/interests.html

The corollary of this is that any investment proposal with a plausibly positive expected return looks good. Swiss banks have issued a lot of CHF mortgages on property in and out of the country. Property in the core stable parts of the western world has shot up in value (e.g. London), while the periphery remains depressed.