AUD/CHF Forecast: 0.58 Support, 0.59 Target 25/09

(MENAFN- Daily Forex) The Aussie dollar jumped back and forth on Thursday against the Swiss franc, as we are looking at this pair for the carry trade. The Aussie continues to be a strong currency in general.

AUD/CHF

The Australian dollar has been noisy against the Swiss franc during trading on Thursday, as the Swiss National Bank decided to keep interest rates at 0%. This was expected, but there were, of course, comments being made, and that had a little bit of influence. Plus, we have had a significant amount of noise due to the idea that perhaps the Americans and the Iranians are trying to come to some type of terms with opening up the Strait of Hormuz.

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If we turn around and break above the top of the candlestick for the trading session on Thursday. That being said, the market is likely to say that we still see the 0.58 level as potential support. If we turn around and break above the top of the candlestick for the trading session on Thursday, I suspect that could lead to higher levels being tested, such as the 0.5850 level and maybe even the 0.59 level after that. This is my main thought as to where we go as things stand.

EURUSD Chart by TradingViewI will not short this pair

I have no interest whatsoever in shorting this market, and believe that if you continue to look at this through the prism of patience, you can take advantage of the market paying you at the end of every day and then eventually catching up with your position. This is simply able to give yourself a chance to build up quite a bit of momentum over the longer term and then eventually add the swap in order to take advantage of a slow and steady type of investment, and a lot less of a short-term trade.

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