Commentary: The USDCHF is closing in on the 100% extension of 1.0886-1.1327-1.1153 at 1.1594. Given the outlook for bottoms to form in the EURUSD and GBPUSD over the next week or so, we expect a top in the USDCHF near 1.1594. This level was former support as well; and could now be resistance. Near term, the rally from 1.1153 (which we are treating as wave C), needs a push through 1.1574 in order to complete 5 waves.
Strategy: Flat
Al Bawaba
