Swiss Franc 1.2372 USDCHF Support

Commentary: Longer term, the daily close above the trendline drawn off of the October 2006 and January 2007 highs instills confidence in the bullish bias and a measured objective is at the 100% of 1.1993-1.2329/1.2145 at 1.2481. From an EW perspective, the rally from 1.2145 is the 3rd of a 3rd wave rally, which often produce the most powerful moves.

A rally through the mentioned 1.2481 level gives scope to an a confluence of Fibonacci targets at 1.2687/89 (100% of 1.1877-1.2571/1.1993 and 161.8% of 1.1993-1.2329/1.2145). Since the USDCHF has stalled just below the 100% extension (1.2481), be wary of a pullback towards. A small c wave is expected to bring price back to the former 4th wave at 1.2372. This is a good point to either add to longs or initiate longs. Strategy: Bullish now, against 1.2145, targeting 1.2500 and 1.2700 (add to position at 1.2372)