t it is obvious in hindsight that the "natural" level of the euro was way below CHF 1.20. Since, you know, the current level is less than 1 franc. Bloomberg EURCHF <Curncy> HVT as of Jan. 14 shows 1.743 for 260-day volatility (conventionally, one year of trading days). For 65- day volatility (three months of tr