Technical outlook:
USDCHF rose through 0.9660 intraday on Thursday after having tested the 0.9580 interim support late on Wednesday. The currency pair has moved in line with the projection as broader consolidation continues. It is seen to be trading close to 0.9666 at the moment and is expected to push through 0.9900 in the next few trading sessions.
USDCHF is unfolding an Engulfing Bullish candlestick pattern on the daily chart. If successful, prices would rally through 0.9900 within the consolidation range. Please note there are two more waves left for the contracting triangle to terminate and break higher above 1.0064. Bulls will be poised to hold prices above 0.9550 to keep the structure intact.
USDCHF has been rallying since January 06, 2021, after printing the 0.8760 lows. Bulls have remained in control and managed to push the price through 1.0064 before going into consolidation. Once the triangle is complete around the 0.9600-0.9700 range, bulls are expected to produce a final through rally leading past 1.0064 before reversing sharply.
Trading plan:
Potential triangle consolidation continues between 0.9550 and 1.0000
Good luck!
