EUR/CHF selling driven by leveraged players

Overnight notes from the interbank market suggest that heavy selling from leveraged speculators was the main driver behind the move lower in EUR/CHF.

I still don’t get it. There is an ever increasing possibility that the US credit rating will be downgraded or even much worse, the US could start defaulting on some of its debt. This would create total havoc in the financial markets. As a hedge against this, you want to buy CHF? You cannot be serious. The CHF which is so dependent on it’s banking system and the whole world is already limit long CHF, or?

I know the market is always right but if and when it needs to change its opinion on the CHF, there’s gonna be one almighty bubble burst.