On the daily chart of USDCHF we see price trading at the end of a higher degree wave B triangle, specifically in sub-wave E. Current sharp drop may be minor wave C) as part of E, which can see limited downside around the lower trend line connected from the 2015 lows.
USDCHF Daily Chart
Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3. They appear to reflect a balance of forces, causing a sideways movement that is usually associated with decreasing volume and volatility.
On the 4h chart of USDCHF we can see that market recently made a three-wave recovery into wave 4 as part of a downtrend, that found resistance at the 0.9807 level. As we can see a new drop happened last week, which we labeled as final wave 5 of C). That said this drop can see limited downside around the Fibonacci ratio of 161.8 or 200% and later ideally make a new reversal higher in impulsive fashion.
USDCHF 4 Hour Chart