USDCHF fell strongly last week after changed SNB policy when they decided to end 1.2 peg on EURCHF. CHF is up across the board, and it seems to be first currency that is now turning bullish against the USD, so the question is if others will follow. Well, on USDCHF weekly chart we see a completed three wave rally so current leg down is part of a larger decline. We are looking for a drop beneath 2011 low in years ahead. Ideally pair will move down in three legs if we consider a possibility of an expanded diagonal formation.

USDCHF Weekly Elliott Wave Analysis