Swiss Franc May Have Reversed for Good

Commentary: We wrote yesterday that “after dropping to 1.1637, the USDCHF has rallied in an impulsive fashion (5 waves), so favor the upside at least in the near term for a rally to 1.1771.” It is possible to count a 5 up from 1.1637 that may be complete at 1.1720.

This is either wave A of a correction that has more room to the upside or wave 1 of a new bull cycle. Either way, near term support is at 1.1677 and a bullish bias is warranted against 1.1637. Strategy: Remain bullish, against 1.1637, target TBD