The currency pair increased little today after the yesterday’s drop. It remains to see what will really happen in the upcoming days because the perspective remains bullish. Price has managed to breakout above some very important resistance levels, signaling a further increase.

The USD has taken the full control as the USDX has rallied aggressively on the short term. USD/CHF increased as expected in the last weeks, I’ve told you that it should climb much higher after the breakout above a crucial resistance level.

However, we may see a minor decrease in the upcoming period after the amazing upside movement. It remains to see where the USDX will find a top again. The dollar index has found a temporary resistance, but it could take this out in the upcoming hours if the United States data will come in better than expected.

The US Unemployment Rate is expected to drop from 4.1% to 4.0%  in April, the Average Hourly Earnings could increase by 0.2%, more versus the 0.3% growth in the former reading period, while the Non-Farm Employment Change could increase to 190K jobs, from 103K in the previous reading period.

The rate has escaped from the descending pitchfork’s body and now is located above the median line (ML) of the ascending pitchfork. USD/CHF is trapped within the minor ascending pitchfork’s body, signaling that the bulls are very strong on the short term.

The next upside target will be at the upper median line (uml) of the minor ascending pitchfork. It could turn to the downside only if the USDX will plunge in the upcoming period, which is less likely to happen.

You should be careful in the afternoon as the rate will be driven by the fundamental factors, the US data will shake the markets. The FOMC Members Dudley and Wiliams will speak tonight and could bring some action.