The Swiss Franc exchange rate for April, 2015 averaged 0.96 CHF to USD.
That's 2.0 basis points lower than the March, 2015 rate of 0.98, and 8 basis
points higher than the April, 2014 rate of 0.88. The fall in the CHF/USD
exchange rate from March to April provides evidence that the short term trend
in CHF/USD is down. In other words, a weakening of the US Dollar against the
Swiss Franc in the short term. If that trend continues in the currency market, we
should see an average daily rate in May, 2015 that is close to 0.94.