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Fan Yang

USD/CHF Breaks a Short-term Consolidation Range

The USD/CHF has been bullish so far in September as we an see in the 1H chart. Last week, after climbing to 0.9770, the pair stalled mostly between that high and the 0.97 low, although we did see a spike lower within the consolidation structure.

USD/CHF 1H Chart 9/8
(click to enlarge)

This was essentially a consolidation range, but price action during the 9/8 European session climbed up sharply to break the 0.9770 resistance. Now, the climb was sharp coming up from 0.97, but the breakout has been relatively weak, with price holding around 0.9790 going into the 9/8 US session. After this bullish breakout, if price were to retreat, it should hold above 0.9725 in a bullish market. Below 0.9720, the bullish breakout will look shaky. 

To the upside, the 4H chart shows the next resistance pivot around 0.99, with a more aggressive bullish outlook towards the 1.00, psychological level.

USD/CHF 4H Chart 9/8
(click to enlarge)

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