Commentary: The bearish bias remains strong as long as the USDCHF is below 1.1371. The decline from 1.1371 is not especially clear itself but we are treating it as the beginning of the wave 3 decline within the 5 wave bear cycle from 1.1594. Very short term, the rally from 1.1018 is in 5 waves, so we do expect a bit more USDCHF strength (much like we expect short term EURUSD weakness). Look for resistance near 1.1300 (weekly pivot and Fibo resistance) in order to sell against 1.1371 for a drop to new multi decade lows.
Strategy: Flat
Al Bawaba
