Swiss Franc Breaking Trendline

“The longer term wave structure is bullish as the decline from 1.2571 is a double zigzag (inverse of the EURUSD rally). A longer term inverse head and shoulders pattern (May 2006, December 2006, April 2007) is also visible.”

We have been waiting for a daily close above the resistance line drawn off of the 2/12 and 4/9 highs, which held last week, before getting aggressively bullish. Today might be that day. The intraday price action is bullish with a corrective decline from 1.2187 giving way to an impulsive looking rally.