EUR/CHF Forecast Today - 30/12: Euro Gains Vs. Franc (Chart)

(MENAFN- Daily Forex)

• In my daily analysis of major currencies, the EUR/CHF pair has captured my attention due to the fact that we are getting close to the top of the recent range.
• Furthermore, this is a pair that I wish a lot more retail traders would pay attention to, because it gives you an idea as to how to play the so-called“carry trade.”
• In other words, what I'm looking at here is whether or not the Swiss franc is losing strength or gaining it. Despite the fact that the ECB looks so weak, it appears that the Swiss franc and hang on to gains against the euro.

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Keep in mind that the Swiss National Bank has recently cut interest rates by 50 basis points, which was a bit of a shock to the market. This shows that perhaps the Swiss are a bit concerned now, and as a result it does make a certain amount of sense that the Swiss franc will continue to suffer at the hands of other currencies, even the lowly euro. Keep in mind that 85% of Swiss exports to end up in the European Union, so what happens in the European Union is a major influence on what happens in the Swiss economy.

Looking at the chart, you can see that there is a significant floor in the market near the 0.92 level, which probably starts near the 0.9250 level. With that being said, think you have to look at any dip in this market as a potential buying opportunity of the euro, despite the fact that the currency itself is rather week. What I truly take away from this chart is the fact that the Swiss franc is absolutely miserable, and I want to short the Swiss franc against stronger currency such as the US dollar or perhaps even the British pound over the longer term.

EURUSD Chart by TradingView

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