Break to the downside

Not long after I posted the range of the past couple days the pair broke to the downside through the low and is sitting at 1.5167 right now. There was a strong movement to get to this point but the momentum, at least for the moment, has stalled. It appears that the sentiment is to the downside with traders possibly trying to force the SNB to act again and again to book quick profits. The stair-step down could result from no one really knowing when or where another intervention would happen and the shorts not wanting to get caught out with big positions.