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USD/CHF in a Bullish Breakout

I forgot to mention in the article on USD/JPY, that there was some slightly better-than-expected GDP data today that supported the rally in the USD. The "preliminary" GDP growth reading for Q2 (annualized) came in at 3.7%, which was higher than many had forecast. This is an upward revision from the 2.3% print we first saw in the "advanced" GDP reading. 

We saw a slow crawl in the USD/JPY, and a much larger jump in he USD/CHF.

USD/CHF 1H Chart 8/27
(click to enlarge)

Its a little awkward correlating the bullish push in USD/CHF and the USD in general to the better-than-expected GDP data. The USD/CHF was consolidating around the time of the GDP release and continued to do so for a couple of more hours before the bullish push. Nonetheless, there is a breakout, and we should at least shelf the bearish outlook. We might see some resistance in the 0.9750-0.98 where a sell in the short-term might have good reward to risk. Even 0.97 looks like an interesting level to start considering resistance. I would however limit the bearish outlook to the 0.9450-0.95 area, or at most 0.93 if there are more technical clues that bears are taking over. .