USD/CHF Breakout Accelerates Ahead of NFPs
USD/CHF has been on an impressive recovery trajectory since its August lows, reaching a five-week high and breaking through a July downtrend. This breakouts has strengthened the near-term technical backdrop for bulls attempting to establish a foothold above pivotal resistance.
The market focus heading into the weekly close is centered on whether buyers can sustain this breakout and challenge the yearly highs or if the latest push begins to lose traction. The short-term USD/CHF charts show significant battles lines drawn ahead of the upcoming NFPs, indicating that a crucial moment has arrived for traders.
In its previous outlook, forexfactory.com noted that USD/CHF had been consolidating below pivotal resistance, hinting at a potential breakout attempt. The recent surge seems to be following through on this possibility, raising hopes for further gains in the short-term.