EUR/CHF - Top in place?

With the test of 127.56 yesterday EUR/CHF has made a new low for the decline since the 168.28 top in October 2007. The decline from 138.34 to 127.56 is clearly a five wave decline and with a slight new low below the September low at 127.63 the entire decline since 163.73 could be over or very close to it's final bottom.

There is ofcause a possiblity that the decline fronm 138.34 is only wave one, but I regard this option as slim at this point.

If we have seen an important bottom at 127.56 or is close to, then a rally higher towards 138.34 should be seen. A break above minor resistance at 129.20 will be the first warning, while a break above 131 will confirm the bottom.