NEW YORK ( TheStreet) -- Thanks to the intervention by the Swiss National Bank, the Swiss franc has been cast from the spotlight. In the days and weeks ahead, it will be interesting to see what will step up to become the next big-name investor safe haven.

For months, the Swissie had held the throne as a defensive destination for droves of jittery investors seeking shelter from the troubled euro. ETF investors seeking ways to gain exposure to the franc were able to use the CurrencyShares Swiss Franc Trust ( FXF) to get their fix.

As global investors clamored for access, the currency and FXF powered along a steep upward path, breaking through previous records and sparking the attention of the Swiss government.

Fearing the negative effect a strong currency can have on economic growth, the SNB intervened in the franc's atmospheric ascension at the start of the month, announcing that it would take dramatic steps to halt its climb. Following the move, the franc has tumbled, while the FXF has retreated to its 200-day moving average, returning nearly all of its summertime gains.

It is unclear what the long-term impact the SNB's intervention will ultimately have on the franc. However, in the initial aftermath, investors have begun to turn to other corners of the currency markets in hopes of finding relief. The U.S. dollar and Canadian dollar have each been mentioned as possible replacements.

Initially, the greenback appears to have become the biggest beneficiary to come from the franc's downfall. In the opening days of September, shares of the PowerShares DB U.S. Dollar Index Bullish Fund ( UUP) have soared, recovering back to levels seen at the start of April.

Despite this climb, questions loom about the longevity of its rise. Continued loose monetary policy on the part of the Federal Reserve could quickly stifle the dollar's gains.

The Loonie has not seen the same short term run up as the U.S. dollar. However, given Canada's relative stability and the looming threat of action from the Fed, investors may find it to be an attractive destination in the near term. The CurrencyShares Canadian Dollar Trust ( FXC) allows ETF investors to follow its action.

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