In a word, yes.
Pullcords aren't designed to hang loose, they're meant to be fixed to the ceiling, otherwise the wires could come loose when you pull the chord. I reckon that's what has happened.
Your shower is probably on it's own circuit breaker. Switch that off (asap) and get the switch fixed to the ceiling, or preferably to a joist above it. When it is securely in place the wires can be re-terminated.
Adam, December 2009