Swiss Franc Still Unclear

[B]Commentary:[/B] The USDCHF remains the trickiest pair to get a hold on right now. We were prepared to turn bullish if the advance from 1.1815 traced out 5 waves. As it turned out though, the rally ended in 3 waves, therefore additional downside potential remains. A drop under 1.1993 would complete 5 waves down from 1.2215.

If this happens, then we will look for a corrective rally in order to get bearish.
[B]Strategy:[/B] Flat