1.   A falling franc makes Swiss bonds less attractive to investors because of the higher currency risk.

2.   A higher franc also makes Swiss products more expensive and thus less competitive abroad.

3.   A higher franc also makes Swiss products more expensive, and thus less competitive abroad.

4.   A strong franc makes fixed-rate assets denominated in the Swiss currency more attractive to investors.

5.   A strong franc makes French exported products more expensive.

6.   A rising franc makes Swiss bonds more attractive for foreign investors, whose return is dependent on currency fluctuations.

7.   A strong franc makes Swiss exporters less competitive as their goods are more expensive than those from countries with weaker currencies.

8.   A strong franc makes Swiss products more expensive abroad, making it tougher for businesses to compete and prompting calls for the Swiss National Bank to cut rates.

9.   A strong franc makes exports more expensive and makes it tougher for Swiss companies to compete internationally.

10.   A strong franc makes Swiss products more expensive abroad and dilutes the foreign revenue earned from exports.