If someone has stashed a large amount of money somewhere and doesn’t want it to be found, where do they do so? The usual answer is/was Switzerland and possibly Luxembourg. The speculation in the USD/CHF market is that Mubarek of Egypt had multiple billions stashed away in Swiss bank accounts and that he had been trying to get some of this money out over the last 2 weeks, and this has led to significant selling of Swiss francs. Perhaps he felt that it was safer to have the money out of Switzerland as investigators would be sure to look there first and the Swiss banking secrecy laws have been relaxed in the last few years. Where these billions have now gone to, or whether all monies are out or not, are questions that still need to be answered.