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USD/CHF - Intrasession Triangle Bullish Breakout

The USD/CHF was hovering above 0.97 yesterday. The 1H chart shows that it was coiling into a triangle before a return in volatility accompanied a bullish breakout from this small triangle.

USD/CHF 1H Chart 9/30


(click to enlarge)

There is also a support/resistance pivot area around 0.9750, which is acting as resistance currently, during the 9/30 session. On the other hand, the market showed support at 0.9720, a previous support pivot from Monday (9/28). This support also shows the market respecting the triangle as a support .

Given the breakout and subsequent support at 0.9270, I think there is a good chance that the market will try to push the USD/CHF towards 0.98. 

USD/CHF Weekly Chart 9/30


(click to enlarge)

The USD/CHF has been in a larger triangle. Going up to 0.98 won't break the triangle but will continue the test of the triangle resistance. A break above 0.99 then, would be a bullish breakout signal in the weekly chart, which means it would usher in a bullish outlook in at least the medium-term, with upside risk back towards the 2015 high around 1.02.