[B]Commentary[/B]: We mentioned that support is at 1.2350 and the USDCHF bounced yesterday at 1.2353 in what is likely wave X in what will be a complex correction of the 1.2145-1.2476 5 wave rally. Near term resistance stretches to 1.2450 (the 78.6% of 1.2476-1.2353).
The final leg of the mentioned correction is likely to play out the rest of the week towards the 61.8% of 1.2145-1.2476 (1.2271). [B]Strategy[/B]: Look to get bullish near 1.2271, against 1.2145, targeting a break above 1.2476.