The USDCHF has dipped below its 200 hour moving average at 0.9965. In the process the price is also fallen below its 38.2% retracement of the move up from the November 18 low at 0.99634. The pair has also entered a swing floor area from November 25 and November 26 at 0.9959-64 area. Finally a lower trend line cuts across near the 0.9959 level. That is currently being tested (and is moving below as I type).
If the price is able to dipped below each of these levels, that would increase the bearish bias technically. And have traders looking toward its 200 day moving average at 0.99452. That is also the 50% retracement of the move up from the November 18 low. I would expect on a test at 0.99452, that dip buyers would use that level to lean against (with stops on a break below). Risk is defined. Risk is limited at that level.
Close risk for shorts looking for more downside is now the 200 hour moving average. Stay below, keeps the sellers more in control.