Commentary: Trendline resistance (drawn off of the October 2006 and January 2007 highs) has capped gains just above 1.2300. With shorter term trendline support failing to hold yesterday, it is likely that the USDCHF is headed lower.
Coming under 1.2197 bolsters this view. Ultimately, we are looking for a test of 1.1877. Strategy: Bearish at 1.2196, against 1.2328, targeting 1.1877