(MENAFN- Daily Forex)

• The U.S. dollar climbed against the Swiss franc on Friday, extending gains within a broad range.
• With support at 0.79 and resistance near 0.81, the pair appears to be forming a base, favoring cautious dip-buying opportunities.

The U.S. dollar rallied a bit during the early hours of Friday and continued to climb against the Swiss franc. We've been trading in a large range for some time, and with the dollar strengthening against most currencies during the day, it's not surprising that it gained here as well. If we can break above the 0.81 level, then it's likely we could move toward the 200-day EMA, which sits near 0.8251.

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Ultimately, this market remains noisy and appears to be in the process of forming a range-and perhaps even a bottom. The 0.79 level has acted as significant support for a while, and as long as we stay above it, the U.S. dollar remains in decent shape against the Swiss franc a“Safety Currencies”

It's important to remember that both currencies are considered safety assets. If there's a run to the dollar based on risk aversion, we may see this pair rise, but the move could be somewhat sluggish and choppy compared to other currency pairs.

EURUSD Chart by TradingView

Overall, I think this remains a market to buy on dips and take advantage of value whenever it presents itself in the form of the U.S. dollar. The dollar will likely strengthen more rapidly against other currencies, but while I am bullish here-and mindful of the interest rate differential that favors the dollar, this isn't one of the stronger momentum plays available right now.

That said, it could develop into a solid, longer-term swing trade. The Swiss franc has been acting as though it's being influenced by the Swiss National Bank in several pairs, suggesting that its current strength may be limited. For now, I'm looking for a dip as a potential buying opportunity.

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