USDCHF been catching the ups and down of this pair for a few months now.
Caught the short of the move down, price action looks like its building to go long, will need a move up further for confirmation of this but needs to stay above the low for long to stay in play.
As you can see from previous readings we are coming into sell territory for the S&P. Given the current economic climate investors will be looking to liquidate their portfolios, how much will determine the severity of the down move.
This is not to say the top is here but we are in the sell zone on the VIX - price could push up further but until the VIX bounces...