Commentary: The USDCHF count is the same as the EURUSD count, but flipped over. That is, the decline from 1.1594 is viewed as wave 1 within a 5 wave bear cycle and wave 2 is the rally to 1.1190. Wave 3 lower is underway now and a bearish bias is warranted as long as price is below 1.1190. Resistance should be strong near 1.1075/98 (50%-61.8% of 1.1172-1.0978).
Strategy: Flat
Al Bawaba
