[B]Commentary[/B]: We still favor the idea that the USDCHF decline is extending as long as price is below 1.1122. The advance from 1.0836 to 1.1122 is clearly in 3 waves, indicating that the move is countertrend and that a new low will be registered. Be aware that the decline from 1.1122 is probably a 5th wave (of larger 3). An objective is where wave 5 equals 61.8% of waves 1 through 3 – at 1.0553.
[B]Strategy[/B]: Bearish, move risk to 1.1122 (from 1.1190), target 1.0560