EurChf penetrated key support today. We view this as a signficant development. When looking at the longer term charts the above pattern represents a broad-based head and shoulders pattern. The head and shoulders is occurring over 9 months following a lengthy upmove from the 1.00 level. Todays break of the 1.150 support occurs with a noticeably large trading range which shows the breakdown attracted considerable market interest. From here rallies should hold under 1.158 as prices begin a sizable decline to 1.10.