USD/CHF is in the process of completing a Double-Bottom pattern. It has been hovering around the breakout level for the last couple of weeks. Now it seems to be breaking out.
The pair made two near term lows – one made on March 13th (point A in chart) and another on May 8th (point C). On May 15th, the pair for the first time broke above the intermediate high (point B) made on April 4th between these lows. This week the break out is consolidating and the move up to the measured target of the pattern.
The low on March 13th was at 0.86996, the low on May 8th was at 0.87038 and the intermediate top on April 4th was at 0.89526 giving us a spread of about 250 PIPs and the measured target near 0.92000 levels.
