Holding all else equal, if the demand for Swiss products increases in the Euro Zone... Euro Zone Exports to Switzerland would increase and this would cause the EUR to appreciate relative to the CHF Swiss exports to the Euro Zone would increase, this would lead to an increase in demand of the CHF and the CHF would appreciate relative to the EUR. Swiss imports from the Euro Zone would increase, this would lead to an increase in demand of the CHF and the CHF would appreciate relative to the EUR. The Swiss trade balance would remain unchanged but the CHF would experience upward pressure due to an increase in Swiss inflation rates