USDCHF To Jump By Another 80 Pips?

USDCHF bullish pennant 1hr July 5, 2013

The USDCHF pair spiked yesterday from 0.9500 to 0.9580 before consolidating into a small ascending triangle chart pattern. All in all, the whole move may be considered as a bullish pennant pattern. So if the Swiss franc weakens further versus the US dollar and the pair breaches and closes above the pattern’s resistance at around 0.9580 then it may surge further to a target of around 0.9660. A failure to move and stay above the said level, on the other hand, may send the pair down to 0.9550. Note also that we may see a volatile swing in either directions upon the release of the non-farm payrolls report in the US.

 

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