Commentary: We had favored the idea that the USDCHF decline was extending as long as price is below 1.1190. While still possible, we want to present an alternate count that calls for a larger recovery before new lows. The drop to 1.0836 could have completed wave 3 within a 5 wave bear cycle from 1.2768. If this is correct, then wave 4 is underway now and has the potential to reach the December high and former 4th wave at 1.1594.
Strategy: Bearish, against 1.1190, target below 1.0836 (be aware of alternate count though)
Al Bawaba
