Swiss Franc Same as Euro

Commentary: The USDCHF is in a 5th wave (like the EURUSD) but is likely bouncing now in wave iv of 5. A potential end to the bounce from 1.1024 is 1.1115 (38.2% of 1.1261-1.1024). This level intersects with the reaction high from yesterday at 1.1112. Within the 5 wave bearish cycle from 1.1894, wave 5 would equal wave 1 at 1.1004 (psychological round number as well).

We noted yesterday that the pair is at long term support also, with the 1995 low at 1.1172 and the 2004 low at 1.1286.

Strategy: Flat