Commentary: We wrote yesterday that “price never exceeded 1.1771 to complete a flat so a triangle may be unfolding as wave 4. If this is the case, then additional consolidation will be followed by a new low (below 1.1677) before a larger recovery.”
After dropping to 1.1637, the USDCHF has rallied in an impulsive fashion (5 waves), so favor the upside at least in the near term for a rally to 1.1771. Strategy: Bullish now, against 1.1637, target TB