Commentary: We wrong in the bullish stance yesterday as the USDCHF did make a new low (below 1.1564). With 5 waves down now from 1.1785, look for resistance in the 1.1671 area for an opportunity to get short against 1.1894. The 5th wave that we had thought ended at 1.1599 is extending and is in just its 3rd wave.
Ultimately, price could extend as low as the 161.8% extension of 1.1894-1.1599/1.1785 at 1.1308.
Strategy: Taken out of bullish position…look to get bearish close to 1.1671, against 1.1894, target 1.1350