USD/CHF increased more than 130 pips today and looks motivated to take out other resistance levels in the upcoming hours. Has rallied as the USDX has managed to recover after the yesterday’s massive drop, the index edges higher even if the United States economic data have come in mixed. USD had jumped much higher if the all US economic data had come in better than expected.

The Swiss Franc dropped aggressively also versus the Euro, not only against the greenback, the USD/CHF’s impressive rally is signalling a reversal in the upcoming weeks.

The US data have come in mixed earlier, I’ve said in the previous articles that the figures will continue to come in mixed in the upcoming period, that’s why the FED has delayed another rate hike. The Unemployment Claims have increased from 234K to 244K in the previous week, more versus the 240K estimate, while the Core Durable Goods Orders have increased by 0.2% in June, less versus the 0.4% estimate and compared to the 0.3% growth in the in the previous reporting period, unfortunately the Prelim Wholesale Inventories have come in worse as well because have increased by 0.6%, more versus the 0.3% estimate and versus the 0.4% in May.

The greenback has received support only from the Durable Goods Orders, which have increased by 6.5%, more versus the 3.5% estimate, while the Goods Trade Balance increased from -66.3B to -63.9B, more than the -65.0B estimate.

We have an amazing rally on the Daily chart, right now is trying to climb above the 0.9634 static resistance and above the inside sliding line (descending dotted line). A valid breakout above these levels followed by a retest will attract more buyers on the short term, but personally I’m expecting to see another drop after the impressive rally. I’ve added a minor ascending pitchfork, hoping that I’ll catch a leg higher.

We may have a buying opportunity if will come down to retest the median line (ml) of the minor ascending pitchfork, the next upside target will be at the median line (ml) of the descending pitchfork, could also be attracted by the upper median line (uml) of the minor ascending pitchfork.