Swiss Franc Correction Playing Out

[B]Commentary:[/B] “The USDCHF decline is back underway, as evidenced by the ‘5 down? from 1.2232 to 1.1920. Look for a period of consolidation/correction to play out in 3 waves. Our count on the daily has price declining below 1.1877 before any meaningful rally attempt takes place. The USDCHF is bearish below 1.2232 although price is unlikely to come near here.”

That consolidation is playing out now and may print above 1.2068 in a c wave before the next leg down (as shown on chart). [B]Strategy:[/B] Remain bearish, against 1.2232, target TBD