USD/CHF Forecast Today 24/9: Stuck In Tight Range (Video)
Date
9/24/2024 2:59:09 PM
(MENAFN- Daily Forex)
Looking at the US dollar against the Swiss franc, the first thing I notice is that we gave up early gains during the trading session on Monday, as we continue to see the market go back and forth between a couple of levels. The 0.84 level underneath is significant support, and the 0.8550 level above offers significant resistance, a resistance level that has been crucial as of late.
A Big Range at the Moment
This 150 point range of course has been important previously going back to the end of 2023 and has been important over the last several weeks. It's really not until we break out of this 150 point range that we have any clarity. But in the meantime, I suspect that traders are going to continue to look at this range bound trade to take advantage of on short-term charts.
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That being said, I am paying close attention to this due to the fact that the market is likely trying to see if it's risk on or risk off right now. And this might be one of the few places that the US dollar actually could get a bit of a bid if everybody continues to celebrate risk on behavior.
Breaking above the 0.8550 level then opens up a move to the 50-day EMA followed by the 0.8725 level. Short-term pullbacks should continue to see a lot of support near the 0.84 level, and it's not really until we break down below there, we begin to have conversations of even steeper trouble for this pair. As things stand right now, it should continue to form a bit of a basing pattern. This is the initial move for a potential turn around in this pair, but at this point in time, it is likely that we will continue to see a lot of questions asked of both currencies overall.
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