USD/CHF Forecast Today - 13/11: USD Rallies Vs CHF (Chart)
Date
11/13/2024 3:04:40 PM
(MENAFN- Daily Forex)
During my daily analysis of major currency pairs, the USD/CHF pair has caught my attention as we continue to see the greenback rally against the Franc. Ultimately, this is a market that I think has broken out above a major significant resistance barrier, and therefore I think we have seen a complete trend change. Ultimately, this is a market that pays you at the end of every day, via the swap, and that is something that I believe will continue to be something that you must be cognizant of.
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Furthermore, you need to keep in mind that the Swiss franc of course is considered to be a massive“safety currency”, while the US dollar is as well, but in comparison the Franc is“safer.” All things being equal, this is a situation where I believe that traders will be looking at each pullback as a potential buying opportunity. Because of this, the market is likely to continue to be a nice longer term trade for those willing to hold onto it, but ultimately this is a situation where things could get a bit noisy Analysis
Now that we have broken above the 200 Day EMA, that's a very bullish sign, and a lot of people will look at that as a breakout, therefore I think we have a real shot looking at the 0.89 level as a potential target. If we can break above there, then the most obvious target after that will be the 0.90 level. Underneath, I think the 0.8750 level in the 200 Day EMA both offer support, and if we were to break down below those, then you need to look at the 50 Day EMA as support.
EURUSD Chart by TradingView
All things being equal, this is a pair that I think you need to be very patient with, but if you are willing to sit on the sidelines and simply collect swap, you will get paid over the longer term and I think that will end up being the way to look at this pair over the longer term. I have no target to the upside, just that it will be much higher than we are right now.
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