Swiss Franc Working Lower in Wave 5

Commentary: The count that calls for a new low (below 1.1815) continues to track well. Continue to favor the downside and a break of 1.1815. A bearish objective is at 1.1793 (161.8% extension of 1.2215-1.1993/1.2151).

We wrote yesterday that “resistance should be strong up to 1.1925 (former congestion). The next day could see some choppy trading take place in the wave 4 position before a test of 1.1815 and lower. Still though, favor the downside.” Wave 4 that we were expecting to take place may be complete at 1.1895. Strategy: Remain bearish, move risk to 1.1895 (from 1.993), target 1.1795