Most recent break takes the price below the 50% and trend line
The USDCHF is continuing its run lower today. The most recent break has seen the price move below the 50% retracement at 0.96892 and a lower trendline connecting lows from January 21 January 23 and from Tuesday's trade (January 28). Stay below the 50% retracement level is close risk for shorts now. Move above would muddy the waters a bit.
Looking at the price action earlier in the day, the run to the downside got confirmation of the bearish move after breaking the 100 hour moving average, moving to test the 200 hour moving average (green line) and on the rebound using the 100 hour moving average (and swing area) as resistance. That gave the sellers more confidence and the price has stay below that 100 hour moving average since that time. More conservative risk would be the 200 hour moving average at 0.9702 today.