This was already teased at the end of October here: Do keep a watchful eye on EUR/CHFAnd amid the more negative risk mood today, the dam is finally broken. Depending on your charts, this might mark the lowest in EUR/CHF since 2015 after the SNB decided to pull the rug on markets a decade ago. If not that, then this marks a fresh record low for the pair on the charts. To put simply regardless, we're in unchartered waters more or less for EUR/CHF now.The drop in the pair this week marks the biggest weekly fall since April and is definitely more significant as we see price take out the 0.9200 level. That has been the sort of lower boundary in where price has tested the lows ever since August last year.As the heat turns up, the SNB doesn't look like they're interested in fighting their battle at this level. And if we do get a firm break here today, it's tough to try and catch a falling knife until a turn in broader market sentiment.For now, the break isn't a firm one yet but sellers are definitely looking to make a run for it. The daily/weekly close today will be very important in deciding if the declining momentum has more room to run.As for the fundamental push in the pair, it is one that has been taking shape for a while now with the SNB having already paused on rate cuts and not wanting to push the negative rates agenda. Meanwhile, the euro is still helped slightly by a more resilient economy and the ECB also pausing but in all likelihood still set to resume rate cuts at some point. Of course, the negative risk backdrop doesn't help. This article was written by Justin Low at investinglive.com.