Commentary: We wrote last week to expect “a 4th wave correction towards Fibo resistance at 1.1328/1.1415 (23.6-38.2% of 1.1785-1.1257). A new low in wave 5 is expected to complete the larger decline following this corrective advance.”
The USDCHF reached 1.1299 but the correction seems shallow. Subjectively speaking, we favor a larger advance towards 1.1328 (former congestion as well) before a drop below 1.1188.
Strategy: Flat