USD/CHF Forecast Today 09/7: Bullish Momentum (Video)
(MENAFN- Daily Forex)
In my daily analysis of the US dollar against the Swiss franc, it's obvious that we have plenty of bullish pressure. The fact that we bounced so hard from the 200-day EMA in the manner we did on Monday does suggest that we are ready to go higher. The 0.90 level above is a large round psychologically significant figure that a lot of people will be paying attention to.
It is an area that previously has been support, and now should be resistant. If you can break above there, then it's likely that we will go higher, perhaps breaking above the 0.9050 level. Given enough time, I think we not only break that level, but we go looking to the 0.9150 level. The fact that we bounce from the 200-day EMA, of course, is something worth paying attention to, and of course, it's very worth noting that we had pulled back to the 38.2% Fibonacci retracement level, and now it looks like we are ready to go higher. Ultimately, I do think this market breaks out into a fresh new high, and the target could be the 0.9250 level, which is an area that has caused quite a bit of resistance.
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Even on a Pullback, I'd Still Be a Buyer
Even if we do pull back from here, I have no interest in shorting this USD/CHF market , at least not right now, due to the fact that the interest rate differential does favor the US dollar, and of course, the Swiss franc itself has been losing ground against multiple currencies. It's really not until we break down below the 0.8750 level, then I would get the idea of shorting this pair in my head.
And right now, it doesn't look like we are anywhere near making that happen. Now, I do think this ends up being a lot of noise and choppiness, but at the end of the day, I do think we go higher over the longer term. This is a pair that I have no interest in shorting, and that's the main takeaway here.
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