“The USDCHF exceeded 1.1422. The advance is in 5 waves (as is the EURUSD decline from 1.4871) so a 3 wave correction is expected. Initial support is at 1.1215.”
The USDCHF has declined in 3 waves and reached the former 4th wave, which is always the first potential support area. Subjectively, I favor the idea that the drop is the first leg of a larger correction.