The USDCHF is probably on its way to a new low.
The advance from .9647 is in 3 waves and therefore corrective. 3 wave movements are eventually completely retraced. A bearish bias is warranted against 1.0493. We wrote last week that a push through 1.0227 is likely. Look for resistance near 1.0266.” 1.0375 is the 61.8% of 1.0540-1.0110 and could provide resistance near term.
