Why is Swiss Franc not profiting from “risk off”?

If "Flight into safe havens", "risk-off" are accurate descriptions of the recent trends seen on the FX market it is surprising that the Swiss franc has been unable to benefit. After all for a long time CHF was considered to be the safe haven par excellence. 

However, in the meantime the ECB has become a real competitor for the SNB when it comes to expansionary monetary policy. The SNB is unable to pursue a more expansionary monetary policy. Further rate cuts are difficult to imagine, unless the bank wants to cause a flight into cash. 

And a Swiss version of QE seems impossible in view of the lack of government bonds. The ECB on the other hand would probably be able to top up its QE program if the worst came to the worst and possibly cut deposit rates further. 

"If "safe haven" is not an attribute based on fundamental factors but the use of a currency as a funding currency, then those currencies are safe havens that have a larger potential for further monetary policy easing. And at the moment when comparing Franc and Euro, the Euro is the clear winner here", says Commerzbank.