Commentary: We wrote yesterday that “we expect a larger corrective setback to occur after a new high is registered to bring the USDCHF back to the 1.1100 area in either a 2nd wave or B wave. This would offer an opportunity to get bullish for the next advance.” The USDCHF failed to make a new high (above 1.1327) but the larger setback is underway now.
Support should be strong near the confluence of the 50% of 1.0886-1.1327 / former 4th wave low at 1.1096/1.1106.
Strategy: Get bullish near 1.1100, against 1.0886, target above 1.1327