[B]Commentary[/B]: The long term head and shoulders reversal is no longer intact as the USDCHF has dropped under the December 2006 low of 1.1877. The break lower suggests that the decline is the beginning of a thrust from a triangle.
A measured objective for the end of the terminal thrust is 1.1364 (the 161.8% extension of 1.2468-1.1960/1.2165). The structure is bearish as long as price is below 1.2165. [B]Strategy[/B]: Bearish now, against 1.2165, target 1.1400