EUR/CHF Forecast 02/09: Buyers Defend 0.9300 Level (Video)

(MENAFN- Daily Forex) The euro continues to climb against the Swiss franc on Tuesday, and even looks likely to continue based on momentum at this point.

EUR/CHF

The euro continues to climb against the Swiss franc and is breaking fresh ground as I record this video. The interest rate differential continues to favor the euro over the franc, and I do like the idea of buying pullbacks here because I do believe over the longer term the euro will continue to grind to the upside.

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The 50-day EMA sits just above the 0.93 level and suggests that there should be plenty of buyers out there. With this, I remain relatively bullish. I'm not looking for some type of major shot higher; I think this is a situation where traders are likely to continue to see a lot of grinding action. And I think that's true with most of the Swiss-denominated currency pairs.

With this, I like the idea of finding value as it occurs on dips, and as long as we can stay above the 0.93 level, I think it's still pretty healthy. There will be the occasional wiggle, but we've already wiped out that reaction candle to the previous action coming out of the Japanese and the melting down of the potential carry trade that has gone the wayside. I always thought that was kind of a weird reaction. I think that probably had more to do with traders having to cover other positions and perhaps raise liquidity for big losses.

EURUSD Chart by TradingView

With that being the case, I remain bullish. I think I'm going to continue to hang on to my long position. I'm aiming for at least 0.95, possibly even as high as 0.9650, and that could take the rest of the year. I get paid at the end of every day; that's perfectly fine with me.

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