Swiss Franc Move Is Impulsive (USDCHF Bearish)

Commentary: We wrote yesterday that “the final leg of the correction is likely to play out the rest of the week towards the 61.8% of 1.2145-1.2476 (1.2271).” The USDCHF has enjoyed a minimal bounce from 1.2268 this morning.

The next level of potential support is the 161.8% extension of 1.2476-1.2353/1.2424 at 1.2225. The decline from 1.2424 looks more like a 3rd wave than a wave c, thus we are abandoning the bullish stance. Strategy: None