Swiss Franc Following Euro

Commentary: We wrote yesterday that "it is possible to count a 5 up from 1.1637 that may be complete at 1.1720. This is either wave A of a correction that has more room to the upside or wave 1 of a new bull cycle.

Either way, near term support is at 1.1677 and a bullish bias is warranted against 1.1637." After dropping to 1.1676, the USDCHF rallied higher in what may be wave i of 3 (or C). The pair is setting up for a strong rally as long as price is above 1.1676. Strategy: Remain bullish, move risk to 1.1676 (from 1.1637), target TBD