Commentary: We have continually stated that "potential support is at the confluence of the 61.8% of 1.2124-1.2230 / channel support near 1.2203. Former resistance at 1.2221 could act as support also. In fact, the decline from 1.2329 would equal the 1.2329-1.2239 decline at 1.2222.
This intersects with channel support early next week. High reward/risk bullish opportunities come to the forefront at channel support." The USDCHF is just above the cited levels now and we would like to see the pair touch channel support and hold before getting bullish against 1.2124. If the support line fails to hold, then we?ll reassess the situation. Strategy: Establishing bullish position between 1.2200 and 1.2230 following tag of channel support, against 1.2124, targeting new highs (above 1.2329)