(MENAFN- Daily Forex)

• The US dollar has rallied against the Swiss franc again during the trading session on Thursday, as the Swiss franc continues to crumble.
• Some of this could be due to the Swiss National Bank being very vocal about its displeasure over a strengthening Swiss franc and recently threatening to intervene in the markets.
• This opens up the possibility of the pair forming a hard bottom at the 0.79 level, at least this is the case at the moment.

The 0.79 level has been important multiple times and over the last six months has acted like a brick wall. This suggests that the Swiss National Bank may in fact be defending that level. Regardless, this looks like a market that is grinding away, trying to form a basing pattern and looking for momentum to move higher. Keep in mind that the US dollar pays an interest rate swap against the Swiss franc, so traders are paid to hold this trade.

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EURUSD Chart by TradingView

It is not until the pair breaks above the 0.8150 level that it would be free of the influence of the current consolidation range. Ultimately, this market appears to be in the process of bottoming and will eventually try to turn things around, as it resembles a classic accumulation pattern. The US dollar has been strengthening against most currencies, supported by significantly higher US interest rates and the recent trade agreement terms reached between the United States and Switzerland. This pair is expected eventually to break out to the upside and move much higher.

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