The Swiss franc hits 2-year-high against the euro on Monday. The currency pair EURCHF was testing 1.20 franc ceiling set by the Swiss National Bank (SNB). The SNB could intervene if the EURCHF would decline further.

The volatility of EURCHF is higher now ahead of Switzerland's referendum in on November 30. Population in Switzerland will vote whether the SNB should keep at least 20% of its assets in gold, up from 8% now. Switzerland's central bank would need to foreign reserves to reach this target.