[B]Commentary: [/B] See out special report on the USDCHF from yesterday at USDCHF Bear. Near term, it looks like a top may be in place at 1.2111, so the 1.2130 short entry in the special report most likely will not be hit. Rallies have unfolded in 3 waves at varying degrees of trend, indicating to us that the larger trend is down.
A break below 1.1993 instills confidence in the bearish case and gives scope to a test of the 8/6 low at 1.1815. The first bearish target is the 161.8% extension of 1.2215-1.1993/1.2111 at 1.1753.
[B]Strategy:[/B] Bearish now, add to position on break of 1.1993, risk at 1.2215, move risk to 1.2111 on a break of 1.1993, targets 1.1760 and TBD