Swiss Franc Nears Reversal Point

The USDCHF pattern is not completely clear but there is little doubt that the recent rally is corrective in nature. Thus, we are expecting a top and reversal close to current price (the 61.8% of 1.2165-1.1815 at 1.2032 is a potential reversal point).

It is also possible that the recent thrust higher was from a small triangle. This fits with the idea of a top and reversal near current price. As mentioned last week, the larger bearish pattern is intact as long as price is below 1.2165. Strategy: Remain Bearish against 1.2165, target 1.1400