Commentary:? Last week, we wrote, that "a bullish opportunity exists in the USDCHF.? The rally from the low (1.1623) may be a 5 wave rally.? Waves i and iv do overlap but Elliott?s rules allow for some overlap intraday with highly leveraged markets (FX and futures).?
Expect small wave c of the correction to test 1.1696 (61.8%) / 1.1711 before the next advance begins."? The correction actually ended before the extimated support, at 1.1738.? Still, the short term trend is up and there is potential for a test of former resistance at 1.1922.? ?
Strategy:? Bullish now, against 1.1738, target TBD