The USD/CHF looks to be correcting from 1.147 in a wave ii of C or an X wave (if wave C was complete at the low). Either way I expect more downside over the rest of the week. Look to short from around 1.162 with at stop near the recent high just above 1.17. I am fairly confident in this trade as the drop from the top was sharp and very impulse like and the move off the low is very choppy typical of a correction. Move stops to break even on a break below 1.15. Initial target is 1.1350 however it is possible that the move will extend much lower depending on the pattern that emerges in the coming days. I will update as this move plays out.
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