This is an interesting trade and one that I was on for a while and caught a nice updraft. One of the bigger hedge funds has been very active in this cross over the last couple of months. They are a net buyer but have also been off-loading on rallies, thereby improving their average positioning, as any good trader should.
These guys are usually right eventually. I’m guessing that this is a quasi EUR/CHF trade without the inherent dangers of a EUR long position; certainly makes a lot of sense to me.