Swiss Franc In 3rd Wave

[B]Commentary:[/B] We wrote last week that “the USDCHF structure is now longer term bearish and suggests that the CHF will outperform ther currencies (especially the GBP).”

A wave 3 down began at 1.2341 and we are looking for this decline to extend to the 161.8% of 1.2476-1.2258 /1.2341 at 1.1988. Remaining below 1.2258 keeps us looking lower.
[B]Strategy:[/B] None