[B]Commentary:[/B] The USDCHF has by far been the most difficult pair to analyze over the past few months. This usually means that the pair is in a correction. The long term inverse head and shoulders (bullish) pattern that we have mentioned remains intact as long as price is above 1.1877. Near term, the decline from 1.2165 is in just 3 waves.
This could be a B wave in a larger correction from 1.1960. If so, then price should continue higher towards the confluence of the 50% of 1.2468-1.1960 / 100% extension of 1.1960-1.2165/1.2005 at 1.2211/14. The 7/6 high is also at 1.2232. This is the clearest count that we see at the moment. [B]Strategy:[/B] Flat