USD/CHF Forecast Today 28/03: Dollar Holds Firm (Video)

(MENAFN- Daily Forex)

• The US dollar has plunged a bit against the Swiss franc in early trading, but we also have seen a little bit of a bounce.
• This does make a certain amount of sense because the world is all over the place with the idea of tariffs.
• And the fear is palpable with some of these foreign traders.

The US dollar is currently trying to chip away at a significant barrier in the form of the 0.8850 level, which also features the 200 day EMA. So, I do think there's a lot of work to do here. If you're bullish, if you're bearish, watch the 0.8750 level for support as it continues to be an area of importance. If we were to break below there, then it's probably a 50 pip drop pretty quickly.

But ultimately, I think this is a scenario where we're going to continue to see a lot of noisy trading until we can sort out what's going on out there. Interest rates in America have popped a bit as of late. And if that's going to be the case, it makes the U.S. dollar much more attractive than the Swiss franc as far as holding onto it is concerned, because the swap at the end of the day will most certainly favor the U.S. dollar.

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A move above the 0.89 level I think opens up a much bigger move, you would probably see the US dollar strengthening against almost everything at that point. In general, this is a market where I think you continue to see a lot of noisy behavior. And I think you also have to keep in mind that this is a market that is choppy by design, really the way that this slowly moves, regardless of even when it's hanging on to it for where swap at the end of the day might be the best plan for quite a few traders out there.

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