We are unsure of the pattern unfolding in the USDCHF. “A triangle could be in its early stages right now in the USDCHF. The decline from the 1/22 high at 1.1122 is in 3 waves and the rally from the 2/1 low at 1.0728 is also in 3 waves (to this point).” Another possibility is that an expanded flat is underway, which would require a rally through 1.1122 before being considered complete.