USD/CHF Forecast 07/10: Dips Remain Buying Opportunities

(MENAFN- Daily Forex) The US dollar continues to see a lot of noise against the Swiss franc, with the interest rate markets going all over the place. At this point, traders continue to favor the dollar overall, but we have seen the US interest rates drift a bit lower.

USD/CHF

The U.S. dollar has been noisy and choppy during the trading session here on Tuesday as we continue to see a lot of noise right around the 0.83 level. This market continues to see a nice carry setup, so we are looking at this as a longer-term setup possibly.

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The 0.83 level is a large, round, psychologically significant figure and an area that I think will continue to see a lot of support underneath. It extends all the way down to the bottom of that wicked candlestick from Friday. The 0.82 level also offers support, and that is an area that we are looking at as a potential support barrier Swiss National Bank wants to see a weaker Swiss franc

To the upside, the 0.84 level could be a short-term target. But at the end of the day, keep in mind that the interest rate differential continues to pay you in this pair, and I continue to like it over the longer term.

The Swiss National Bank wants to see a weaker Swiss franc, and it has been getting that over the last several months. So ultimately, this trend, I suspect, eventually pans out. I have no interest in shorting this pair, not at all. I'm not paying to short this pair.

EURUSD Chart by TradingView

The market is probably going to continue to be very noisy. That's not unheard of here, as far as being in a very short-term, choppy range. But I still think that anytime this pair falls, you have to look at it as a potential buying opportunity, as the Swiss franc is so weak.

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