Here is a daily chart of the EUR/CHF price action showing a large triangle that has been in action for over a year. The triangle has finally broken to the downside, on the back of concern about Greece's escalating debts and reduction in the country's credit rating. Continued weakness is expected as unease about the state of the Greek economy will not be easy to alleviate.
Here is an hourly chart of the breakout. There is a strong support line at around 1.5010 which may now act as resistance. It is possible that price will continue to decline from current levels and the entire correction is already complete, however I think a further pullback is more likely, to around the 1.5020-1.5060 area before further downside. Look to short from these levels, with a stop at around 1.5150. For more info on the expected weakness of the Euro in the coming months see Jamie's latest video at http://www.youtube.com/dailyfxnews.
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