Swiss Franc Wave 4 Complete at 1.1894

Commentary: The USDCHF is playing out as expected. We wrote last week that “a new low (beneath 1.1623) remains very much a possibility as long as price is below 1.1960 since the rally from 1.1623 could be a 4th wave.”

Favor a new low to complete the terminal thrust from the triangle (shown on the daily chart) before a significant bottom is in place.

Strategy: Bearish, against 1.1894, target TBD