Commentary: 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).
We wrote yesterday that “under this interpretation, price should undergo a brief correction in either wave b or 2 with support strong near 1.1711. This would present an opportunity to align with wave c or 3 higher.” That correction is underway now. Expect small wave c of the correction to test 1.1696 (61.8%) / 1.1711 before the next advance begins. Strategy: Look to get bullish close to 1.1711, against 1.1623, target 1 at 1.1900