[B]Commentary:[/B] We wrote yesterday that "we maintain that the USDCHF is forming a low. Similar to the EURUSD (but the inverse), the USDCHF rally from 1.1960 is an impulse (5 waves), indicating that the near term trend has turned to the upside.
Initial resistance is at 1.2068 (trendline resistance is at 1.2090 as well) but the 5 up? from 1.2960 indicates additional bullish potential." The pair hit 1.2064 this morning. Since the rally from the low is in 3 waves and at the cited resistance, we recommend that longs keep risk to 1.1982. Risk of a decline is high. [B]Strategy:[/B] Move to flat (previously bullish)