December too has been more CHF positive than EUR positive. The ratio of up to down years is 5 to 2, but it is the way in which that has developed which is very interesting. The average loss for USD/CHF over that span is more than 360 pips, but a great deal of that came in the form of two years during which the market dropped more than 1000 pips, and there was another one when the December decline was better than 500 pips. The remaining years were all significantly less volatility, including those when the CHF was weaker.

Source: Anduril Analytics