EUR/CHF Forecast Today 11/09: Bulls Eye 0.95

(MENAFN- Daily Forex)

The euro continues to rise against the Swiss franc as the ECB has hiked rates as anticipated. The market is still playing the interest rate differential between the European Central Bank and the Swiss National Bank. With that being the case, traders get paid to hold on to this pair every day.

That has, in fact, been a major boon for the euro against the Swiss franc, and as long as the carry trade remains strong and there is no huge rush to safety, this is a pair that more likely than not will fare reasonably well. This market continues to be noisy and choppy, but that is the nature of this market from its long-term historical standpoint.

Top Regulated Brokers1 Get Started 74% of retail CFD accounts lose money Traders continue to look at the Swiss franc as a potential safety currencyEURUSD Chart by TradingView

While the euro is considered to be a little more risk-appetite-driven, it is also worth noting that there is a lot of cross-border action anyway. You have a situation where traders are trying to determine whether or not there is going to be an exodus of capital out of Germany into Switzerland for safety, or if the Swiss are going to continue to send their money into the rest of the European Union in order to perhaps get a little bit more out of their investments.

Ultimately, this is a market that I believe will remain important for the carry trade in the near term. As a result, I do like the idea of buying short-term dips, with the 0.94 level being an area of potential support. Even if we broke down below there, I would be looking at the 50-day EMA at the 0.9338 level as the next support level.

As far as a target is concerned, I believe that 0.95 will be targeted, followed by 0.9625 above.

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