The USDCHF fell below a swing area late yesterday between 0.9318 and 0.93244.The pair stayed below that area in trading today, and has wandered lower in the London/early near session. The pair made a new session low at 0.92677.
The price is back within a consolidation area between 0.9213 and 0.9324. That area kept the pair and check from March 9 to March 23 (11 days). On March 23, the pair broke higher and trending up toward the April 1 high price of 0.94720.
With lots of swing areas in the consolidation area, finding targets become more difficult ahead of the low at 0.9213.
Drilling to the five minute chart below, the pair has been able to stay below the falling 100 and 200 bar MAs (there was a small breach of the 200 bar MA earlier but it was by the smallest of margins). For traders, those MAs can help define short term risk. Stay below, and let the trend lower continue. Move above and the bias becomes more neutral (corrective).