(MENAFN- Daily Forex)

• The euro continues to challenge major resistance against the Swiss franc, with the 200-day EMA capping gains.
• Support levels and central-bank dynamics remain pivotal, and recent Swiss commentary reinforces a firm floor that keeps dip-buying strategies attractive.

The euro rallied against the Swiss franc during early trading on Wednesday but continues to see a lot of resistance around the 0.9350 level. This is where the 200-day EMA currently hangs around as well. And as a result, it makes a certain amount of sense that we look at the market through the prism of testing a major barrier. That being said, I think if we can get above the 200-day EMA, we could go looking to the 0.94 level. Short-term pullbacks open up the possibility of support near the 0.93 level. The 50-day EMA sits at the 0.93 level as well, and therefore, I think it allows me to buy some type of dip on a bounce.

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Ultimately, though, this is a market that I think will be highly influenced by the Swiss National Bank and their desire to see the Swiss franc lose some strength going forward, as it may have gotten a little bit too strong for their liking. Overall, I think there is a lot of work to do to finally break out to the upside, but it's clear based on the timing of the latest statements coming out of Switzerland that the 0.92 level is a bit of a floor in this market.

EURUSD Chart by TradingView

As long as that's the case, I look at drops in this exchange rate as potential buying opportunities in a market that has been pretty noisy, but pays you at the end of every day because the interest rate differential of course favors the Euro.

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