Swiss Franc Towards Fibo Level

Commentary: The USDCHF rallied higher as expected but be careful about getting aggressive just yet. The rally from 1.1623 may be just the first leg of a correction in wave iv.

Look for resistance in the 38.2% of 1.2151-1.1623 at 1.1825 (also a former congestion area). If the rally from 1.1623 unfolds in 5 waves (just 3 now), then it is likely that at least one more 5 wave advance will unfold and we will try and catch the next rally. Strategy: Move to flat (from bullish)