Swiss Franc Channel Is Key

Commentary: With the USDCHF holding trendline support and with the decline from 1.2329 unfolding in a clear 3 wave correction, we are bullish against 1.2197 and looking for a break above 1.2329 and eventual test of channel resistance.

The upper end of the channel is currently at 1.2402 and increases about 12 pips per day. Strategy: Bullish now, against 1.2197, targeting break above 1.2329