Commentary: We wrote yesterday that “the 1.1594-1.1226 USDCHF decline completed wave 1 within a 5 wave bear cycle and the rally to 1.1371 most likely completed wave 2. Weakness since then is the beginning of wave 3 lower, which we expect to extend, possibly to the 161.8% extension of 1.1594-1.1226/1.1371 at 1.0779.
The bearish bias is strong as long as price is below 1.1371.” There is no change to this outlook.
Strategy: Bearish, move risk to 1.1163 (from 1.1371), target TBD
