Swiss Franc 1.2320 Support (USDCHF Resistance)

[B]Commentary[/B]: As mentioned here yesterday, “the decline from 1.2424 looks more like a 3rd wave than a wave c, thus we are abandoning the bullish stance.”

Near term, it looks like a 4th wave correction is unfolding. There is potential for a spike through 1.2309 before a decline in a small 5th wave towards 1.2225. Resistance on a spike through 1.2309 is the 38.2% of 1.2424-1.2258 at 1.2321. [B]Strategy[/B]: None