Commentary: We have continued to state that “the bias is bearish as long as price is below 1.1122…Bigger picture, the decline from 1.1122 is probably a 5th wave (of larger 3) and an objective is where wave 5 equals 61.8% of waves 1 through 3 -- at 1.0553.” The USDCHF has broken lower and 1.0550 is in sight. Near term resistance is at 1.0859. This is an area that bears can look to sell into.
Strategy: Flat
Al Bawaba
