(MENAFN- Daily Forex)

• The Euro initially did rally against the Swiss franc during the trading session here on Friday but gave up gains above the 50 day EMA yet again for the fifth day in a row.
• That being said, it's also worth noting that the 50 day EMA has offered a significant amount of resistance near the 0.9350 level. And it looks like we are trying to grind lower, have formed four shooting star candlesticks in a row, is a pretty clear indication that there is a lot of selling pressure above. It's worth noting that the US dollar has also been stingy against the euro at the same time, so this might be a euro-centric problem. Risk appetite is obviously influential on this pair.

Risk Appetite and the EUR/CHF Pair

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It tends to rise in more of a risk on type of situation and fall in more of a“risk off” type of situation. Ultimately, the 0.93 level looks to be pretty significant support. And I think that's where the market's trying to get. If we break down below the 0.93 level, then it could open up a move down to the 0.9250 level. On the other hand, if we turn around and break above the 200 day EMA, which is currently at the 0.9380 level, then it could open up a potential move to the 0.9450 level, which has been massive resistance. Ultimately, we are still pretty range bound and on the momentum indicators, they all look somewhat flat. So, I don't think we've got a whole lot going on here other than the opportunity to fade short term rallies that show signs of exhaustion. think plenty of traders continue to look at this as a market that can be played from the short side on short term charts.

EURUSD Chart by TradingView

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