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USDCHF : Consolidating Ahead of a Major Move

USDCHF seems like consolidating ahead of some significant move. On the one hour chart, the pair is following an ascending triangle pattern according to which the pair will continue to follow the uptrend by breaking the resistance trend line. 

Department of Labor also reported that the Producer Price Index for final demand advanced .6% in April on a seasonally adjusted basis beating the economist’s expectations for an increase of .2%. The Core PPI which excludes volatile food and energy components, rose .3% same rate of advance as in March. The core index represents two third of the final demand.

The upbeat data should also provide some support to the pair and might push the pair upward.