The swiss franc is currently correcting in what is probably an Elliot wave 4. There is strong resistance above from the monthly pivot and the daily pivot clustered at 0.8660 and if the pair rallies higher it will probably not rise above these levels. Given the force with which markets sold off yesterday they will probably carry on down, in what will probably be a wave 5 which should re-touch the lows at 0.8567 is if not go slightly lower to perhaps the point and figure target at 0.8530 or possibly in between.