Commentary: We wrote Friday that “the USDCHF is headed below 1.1623 to complete the larger decline (which is a terminal thrust from a triangle). A drop below 1.1623 would possibly complete 5 waves down from 1.2468 and give way to a reversal and much larger rally.”
After dropping to 1.1599, the USDCHF has skyrocketed nearly 200 pips higher. It is our contention that the pair is headed back to at least the 1.2200 level and possibly much higher.
Strategy: Bullish, against 1.1599, target TBD