USD/CHF is consolidating above broken resistance levels, a USDX further growth may cause reversal on this pair. The price has finally escaped from a reversal pattern suggesting another log higher.
The end of the week could be decisive for the greenback as the US is to release the NFP, Unemployment Rate, Average Hourly Earnings, and the ISM Non-Manufacturing PMI economic indicators.
USD/CHF has finally escaped from the Falling Wedge pattern and now accumulates bullish energy above the R1 (0.9102) level. Closing above 0.9142 today's high will confirm further gains.
The downtrend line is seen as target if the pair jumps higher. USD/CHF found support right on the S1 (0.8999) level. The failure to reach the downside line of the Falling Wedge announce an upside breakout and a potential reversal.
We will have a larger upwards movement if the pair manages to escape from the major down channel's body.
- USD/CHF Trading Tips
Buy from above 0.9142 today's high with a first target at R3 (0.9207) level. 0.9241 and the downtrend line are seen as near-term potential obstacles.
The upside scenario could be invalidated by a drop below 0.9056 static support.
