Swiss Franc Unclear

Commentary: With the near term count unclear, we are sticking with the idea that the USDCHF is could top and head lower to complete the larger decline from 1.2468. We wrote yesterday that “with price pushing through 1.1353, it is clear that wave v of 3 is not yet underway. The next level of potential resistance is the 50% of 1.1896-1.0886 at 1.1391. Look for a top and reversal now, which is just in front of the psychologically important 1.1400 as well.” We are not very confident in the count right now and are standing down from taking any action.

Strategy: Flat