The USDCHF is the “US dollar – Swiss franc” currency pair. The latter is the last franc left in circulation in Europe. CHF is an abbreviation for 'Confoederatio Helvetica' Franc.
Switzerland has long been a key banking center for customers around the world, and the secrecy with which they maintain their banking operations has made them one of the more desirable locations for storing fortune. This has helped to bring considerable strength to the Swiss Franc, making it a safe haven in the periods of economic turmoils and pressuring exporters from the nation. When the European Debt Crisis enveloped the continent, massive inflows into Swiss Francs made the situation worse until eventually the Swiss National Bank (SNB) created a peg to the Euro at a rate of 1.2 Swiss Francs for every 1 Euro.
On January 15, 2015, the SNB shocked markets by scrapping a three-year-old cap on the franc, sending the currency soaring against the euro and stocks plunging on fears for the export-reliant Swiss economy.