In late 2000 this Swiss Franc started with a 3 wave pattern which sets the tone for the entire bullish phase we see here. Many waves overlapping each other, with what looks like a running zigzag, followed by a wild vertical blow off which matches the gold peak as well. The commercial traders positions do not give us any helpful clues even though they are net long. From what has just completed seems like a 3 wave rally, I take that as a potential false rally and more downside should still be in the cards.
This is one of the slowest moving currencies, but if I am right a final vertical lift (5 waves) can still happen in the future. This bodes well for gold as gold should rally along with this Swiss Franc. When the Swiss frank bottom near the 2000 time period, we know the US dollar was also getting ready to shift downward. This all synchronized well with gold as its big bullish phase also started near the 2000 lows.