Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed down.
The closest is the 20 day average, which is 1621.1 pips away.
The closest is the 20 day average, which is 2 pips away.
As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern.
The clearest trend exists on the 90 day timeframe, which shows price moving up over that time.
The clearest trend exists on the 30 day timeframe, which shows price moving down over that time.
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down.
Relative to other instruments in the forex asset class, usd/chf ranked 36th the day prior in terms of percentage price change.
It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe.
This imputes a buy/sell ratio of 0.67, which is bearish.