USDCHF has been moving sideways since the end of March. We see five price swings between two trend lines that reminds us of a triangle formation. That’s a five wave A-B-C-D-E pattern that occurs in the direction of a trend, so it’s a continuation formation that suggests more upside for the USDCHF. In fact, this bullish trend continuation may resume very soon after a recent bounce from 0.9470 and towards the upper resistance line. The move from the last few days is sharp, so a break above the trend line may not be far away, which will confirm a bullish run for the USD against the Swiss Franc. We see 1.0000 coming, or even 1.0300-1.0400 in the months ahead.
USDCHF, Daily
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