Swiss Franc Structure Remains USDCHF Bearish

[B]Commentary:[/B] We continue to look lower. The dominant pattern is the 3 wave advance from 1.1993-1.2476, this suggests that 1.1993 will eventually be broken. Additionally, the decline since is impulsive.

   The decline can be  counted as 5 waves down with an extended 5th wave.  Near term, the USDCHF  may work back towards 1.2341, which is defended by the 61.8% of 1.2476-1.2091 at  1.2329.  Since we expect lower levels, we do not feel comfortable getting  bullish for the expected countertrend rally.  

[B]Strategy:[/B] Flat