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USD/CHF on the Verge of a Bullish Breakout

The  USD/CHF has gone into slumber during the transition between the 9/2 and the 9/3 sessions. The 1H chart shows the pair stuck around 0.97. When we look at the 1H chart we can see that price is on the verge of a bullish breakout as it stalls at 0.97.

USD/CHF 1H Chart 9/3
(click to enlarge)

The 1H chart shows that price has been consolidating since the end of last week. We can look at it as a consolidation range, but there is also an expansion aspect to it (higher high and lower low). Essentially, the quasi-breakout during the 9/2 session is very weak, perhaps because traders do not want to commit ahead of Friday's US NFP report. 

The technical picture appears to be bullish, so don't be surprised with some further upside drift ahead of the key event risk. Now after the NFP, if there is a dip, see if price will hold above 0.9650, allowing for some brief violation within the session. If price closes the week above 0.9650, the bullish breakout would still be valid. A break below 0.9650 however would suggest further consolidation and perhaps some short-term bearish outlook. 

To the upside, the first key level to monitor will be the 0.98 support/resistance pivot before the August high around 0.99. 

USD/CHF 4H chart 9/3
(click to enlarge)