The USDCHF pattern is unfolding as expected.
We wrote yesterday that “we favor the upside but not before a drop into the 1.0325/50 area. The decline to this level would complete a 4th wave within the advance from .9887 and give way to a rally through 1.06 and maybe into 1.10.” The decline has materialized and has reached the former 4th wave (congestion). The 38.2% at 1.0332 should provide strong support.
