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USD/CHF has managed to rebound after the most recent sell-off, but unfortunately, the upside is still uncertain. The pair is trading within a down channel pattern, so only an upside valid breakout will really indicate a bullish reversal.
The greenback could take full control today if the US data comes in better than expected. The Flash Manufacturing PMI is expected to increase from 53.2 to 53.5 points, while the Flash Services PMI could jump from 54.6 to 54.7
The pair has plunged after the eurozone data was released earlier. The mixed data has send the greenback into agony again. The bias will remain bearish as long as the price stays within the descending channel's body.
USD/CHF is back below 0.9056 and under the S1 (0.9055) level, a new lower low will really validate a deeper drop. The failure to reach the S1 (0.9100) and the median line (ml) signals strong sellers in the short term.
A valid breakdown below the lower median line (lml) and under the S3 (0.9024) suggests further drop towards fresh new lows, below 0.8998 lower low.
If you want to buy USD/CHF, you should wait for a valid breakout from the descending pitchfork and above the median line (ml) of the descending pitchfork. Better than expected US data could bring another temporary upside momentum.
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