Commentary: We wrote yesterday that “a short term bullish bias is warranted against 1.1153 since the decline from the top is in 3 waves. A larger correction could test the 61.8% of 1.0886-1.1327 at 1.1054.” The larger correction did not play out and the USDCHF is in the next leg up (that could test 1.1594). A small setback offers an opportunity to get bullish against 1.1153. Look for long opportunities at 1.1265 and 1.1230.
Strategy: Get bullish near 1.1230/1.1265, against 1.1153, target 1.1594