The rally from the December low reached 1.75 and the advance is in 3 waves and fits as wave 4 within the 5 wave decline from the 2007 high. A drop below 1.5113 (December low) could occur in order to complete 5 waves down. It is also possible that the GBPCHF has entered into a longer term range. Even so, the pair likely ranges at lower levels (could be a flat or triangle). Bears can move risk to 1.7050 and target the January 21 low at 1.5640.
