Swiss Franc Pierces 1.2000

The USDCHF came under 1.2000 which destroyed the bullish structure. The intraday price action is choppy and we have little confidence the wave structure at this point.

In viewing the daily, there is still potential for a large inverse head and shoulders pattern to play out as long as price remains above 1.1877. Rallying above 1.2281 would increase confidence there. The USDCHF is at support from monthly pivot level S1. If broken, 1.1877 is exposed.