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.