Karen Jones, analyst at Commerzbank, notes that USD/CHF has again sold off to the 0.9659/47 recent low and August low.

"A slide and close below 0.9647 is needed to reassert downside momentum and target the September 2018 low at 0.9543. We have the 0.9623 23.6% retracement from the 2015 low also here. Slightly longer term we look for a fall back to the 2018 low at 0.9188, this is also the 38.2% retracement of the same move from 2015. The market will stay offered while capped by lows seen in September and October 2019 at 0.9841/44. A rise above the 0.9844 resistance would suggest recovery to the 0.9707/22 band of resistance, which if seen we would again look to cap."