The little dip in the CHF rate in 2010 was due to intervention by the Swiss National Bank, which abandoned its policy of intervening to stem the rise in the CHF in June. Notice that as soon as it stop intervening in the forex market that the CHF renewed it climb higher. This should be a caution to Yen bears that if Japan does intervene it will only have a temporary effect.
What's driving the move higher? First, in today's environment why buy the Euro when you can buy the CHF in order to get European exposure. Second, those wanting a safe, mature currency are looking at the USD and Yen with some suspicion.
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