FX.co ★ USD/CHF accumulates more bullish energy

The USD/CHF pair changed little in the short term. It was trading at 0.9672 when writing and continues to consolidate the latest gains. The bias remains bullish in the short term but we need strong confirmation before taking action.

Fundamentally, Switzerland's KOF Economic Barometer is expected to drop from 90.1 to 88.3 points. On the other hand, the US is due to release high-impact data. The CB Consumer Confidence is expected at 97.6 points above 95.7 points in the previous reporting period, while JOLTS Job Openings could drop to 10.37M from 10.70M.

USD/CHF Continuation Pattern Was Violated!

As you can see on the H1, the USD/CHF pair ended its temporary drop and now it has escaped from the down-channel (flag) pattern signaling potential further growth. Now, it has tested and retested the broken downtrend line trying to attract more buyers.

The 0.9692 level represents an upside obstacle. On the other hand, the median line (ml) is seen as a dynamic support.

USD/CHF Forecast!

A valid breakout above the 0.7000 psychological level and above the R1 (0.9710) could confirm further growth. this scenario could bring long opportunities with a first potential target at the R2 (0.9760).