USD/CHF Forecast 24/09:US Dollar Quiet Against Swiss Franc

(MENAFN- Daily Forex)

• During the trading session on Tuesday, we have seen the US dollar go back and forth in a fairly tight range against the Swiss franc. It is worth noting that the 0.79 level is offering significant support, and we do find ourselves still above that level. If we were to break down below that level, it would be a clear signal that the US dollar is going to go lower against the Swiss franc.
• That being said, the US dollar is on its back foot against multiple currencies at the moment, but the Swiss franc is a little bit different than many others.

EURUSD Chart by TradingViewRisk Appetite and the US Dollar/Swiss Franc

Keep in mind that risk appetite falling favors the US dollar in general, but when it comes to trading against the Swiss franc, it is a little bit different in the sense that the Swiss franc is considered to be“safer” than the US dollar. You may see a situation where the US dollar strengthens because of a lot of risk appetite being eviscerated out there in multiple markets, but it may not be able to strengthen here because quite frankly, the Swiss franc will pick up a lot of momentum against most currencies, including this one.

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We have a major downtrend line, backed up by a 50 Day EMA indicator, which is massive resistance. Markets rallying from here will of course face a lot of problems above, but if we get a massive“risk on move”, it's possible that it could happen. A break above the 0.80 level in the 50 Day EMA opens up the possibility of a move to the 0.81 level. If we break above the 0.81 level, then I think the overall trend will change. I don't see that being likely, so move down to the 0.78 level could be kicked off if we have a drop down below the 0.79 level.

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