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USD/CHF is trading at the 0.9447 level, it has found a temporary resistance, but the price has suggested a potential larger increase in the short term. Still, you should be careful because the pair is still under pressure and a larger increase needs confirmation.
Today's fundamental events and economic data will bring high volatility on this pair as well, the Swiss Franc could take the lead again if the US data disappoints later.
You can see on the H4 chart that the pair has developed an Inverted H&S pattern, USD/CHF has jumped through the minor downtrend line, potential neckline, and now is trading above the 50% Fibonacci line.
USD/CHF bullish momentum was paused by the R1 (0.9452) level, a valid breakout will signal a further increase towards the median line (ML) and towards the R2 (0.9499) level. The false breakdown below the lower median line (LML) and below the 0.9376 followed by two major bullish candles has confirmed a potential reversal in the short term.
Buy a valid breakout above the R1 (0.9452) level, or another higher high, a jump above the 0.9462 level, the next target is seen at the median line (ML). A further increase, broader rebound, could be validated by a valid breakout above the median line (ML) and above the R2 (0.9499) level. The upper median line (UML) is seen as a potential target if USD/CHF confirms further growth in the short term.
The potential rebound will be invalidated by a valid breakdown from the minor ascending pitchfork, below the lower median line (LML).
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