CAD/CHF Today 31/5: Pay Attention To The Noise (Video)
Date
5/31/2024 4:41:36 AM
(MENAFN- Daily Forex)
The Swiss franc has found itself strengthening against most things and the Canadian dollar won't be any different. At this point. I am paying very close attention to the 0.66 level, and I think the Canadian dollar is going to continue to offer a compelling the long against the Swiss franc.
But we obviously have a lot of noise out there right now that we need to pay close attention to. With this being the case, I think that if you are willing to hang on to a little bit of volatility, you should eventually get paid. At the end of the day, the
market will obviously pay close attention to the 200 day EMA.
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The area just below it that has been important more than once to the upside. We have the 0.6680 level that could offer a certain amount of resistance. And the size of the candlestick, although very brutal, is something that you should look at as an opportunity. You don't want to get overly sized into this market and go in with a huge amount, but I do think it makes for a nice short term rangebound play with this we were to break down
I think that if we do break down from here, then it could be something more important. And of course we will have to watch that. But the Swiss franc is acting the same way across the forex world right now, and I do think it's short lived due to the Swiss National Bank being rather loose with its monetary policy in relation to almost everybody else. With this being the case, I think it's probably only a matter of time before the CHF drops across the board, and I do think that this could be a nice opportunity and not only the CAD/CHF pair, but multiple other ones. Remember, when it's all about the“carry trade”, the Swiss franc will typically move in one direction against everything.
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