[B]Commentary[/B]: As mentioned here yesterday, "the decline from 1.2424 looks more like a 3rd wave than a wave c, thus we are abandoning the bullish stance.
Near term, it looks like a 4th wave correction is unfolding." The 5th wave is unfolding now and we will look for a rally towards 1.2341 (next week) in order to get bearish. However, the USDCHF structure is now longer term bearish and suggests that the CHF will outperform ther currencies (especially the GBP). [B]Strategy[/B]: None