Price is forming a bearish corrective structure and has potential to reverse and continue downward move.
The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 9.28% from the day prior, and up 14.62% from the same day the week before.
Interestingly, a trend in the other direction exists on the 14 and 30 day timeframes, where price is headed up.
Out of the 40 instruments in the forex asset class, usd/chf ended up ranking 28th for the day in terms of day-over-day price change.
It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe.