The price of the USDCHF is trading to a new session low, new year low (taking out the low from last week at 0.90557) and trades to the lowest level since the week of January 25, 2015. Recall that last week the low took out the swing lows from May 2015 at 0.90708. That level is now a close risk level for shorts. Stay below keeps the bears more in control from a technical perspective.
Drilling down to the hourly chart, the correction off last week's low extended above the 200 hour moving average (green line in the chart below) and swing area at the 0.9225 to 0.9230, but quickly reversed. In trading yesterday, the price tried to extend above the 200 hour moving average only to fail. Late in the day the price fell below its 100 hour moving average at 0.9133 currently (blue line in the chart below). Today is that price has remained below that 100 hour moving average. In the London morning session, momentum to the downside increased - pushing the price to the new lows..
Watch the 0.90708 level. In addition to being the swing low going back to 2015, but looking at the Price action on July 31, it held support just before moving to the upside. Stay below keeps the sellers firmly in control.