USD/CHF Forecast Today 27/01: Holds Firm At Support (Video)

(MENAFN- Daily Forex)

• The US dollar has fallen significantly during the trading session against the Swiss franc on Friday.
• I think a lot of what we are seeing is the idea that Trump is out there screaming for lower interest rates, but he won't get them necessarily.
• I don't think this changes much. In fact, I think we're just middling around at the moment in order to find some type of flooring so that we can perhaps bounce again.

The 0.90 level is a major support level that is not only psychologically important, but it's also backed up by the 50-day EMA. If we can break above the 0.91 level, then it makes a certain amount of sense that we could go look into the 0.92 level.

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A break above that area then I think opens up a huge, longer term move and that's what I'm watching for right now. If we were to break down below the 0.90 level, then I have to start to question the dollar strength but this immediate knee-jerk reaction I don't know that I read too much into because we all know at least those of us who's been trading for more than four years that Trump says a lot of things to change anything is a completely different question altogether, but I think when you look at it through this prism, you have to expect that we probably consolidate a little bit while we try to figure out exactly what it is we are going to do over the next several days.

A little bit of hesitation does make sense considering where we are at. So, I still remain bullish, especially considering that the Swiss National Bank recently cut interest rates by 50 basis points, but I also recognize it could be an area that we need to build up the necessary momentum to finally break out.

EURUSD Chart by TradingView

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