With some brokers I believe it is possible to change your account holding currency. So if presume that the euro will weaken and the dollar will strengthen you could change your funds over to dollars and benefit from the dollar strength.
Have 35% of account in Euro. 35% in USD. 10% in NZD 10% in GBP and 10% in CAD. So I'm a bit more diversified than I was yesterday. We'll see if I need to adjust. Thanks everyone for the interesting posts.
If there is a short squeeze it will represent a new opportunity. Those who can hold will be rewarded in my opinion. The ecb has just begun. This process will play out over several years. The euro won't go straight down nor the dollar straight up. It is still very likely that the Euro will go, at the minimum, to parity with the dollar, but I expect it to go even a little further. Patience is needed. Predicting is difficult, especially about the future.
The Swiss were defending a certain level (cap). ECB is just trying to lower the Euro as much as possible. Also, imo, the Swiss Franc is more of a safe haven currency in times of turmoil (Eg.: Greece) than the Euro. (Euro is seen as part of the turmoil)
What concerns me is that it is getting a bit late to take the Eur/USD trade. I'm confident that the Euro will move still lower relative to the dollar, but I'm not at all confident in the time that will take. Time in the trade will, of course, affect yield. I liked this trade much better before Draghi announced that QE would begin, but when it was all but inevitable that the Germans would have to soften their stance. They were under tremendous pressure. Early entry benefited from lowered risk because of the strengthening dollar and clear intentions of the ECB not to let the Euro rise in the face of recession. That said, the ECB has plans to continue QE through September 2016, in this first round of bond buying. I think the trade is still good, but I liked it better earlier.