USD/CHF Forecast 29/10: Dollar Bulls Hold Firm Ahead Of Fed

(MENAFN- Daily Forex) The U.S. dollar continues to pay you at the end of every session against the Swiss franc. No matter what the FOMC says, this won't change soon.

USD/CHF

The U.S. dollar finds itself rallying a bit during the early part of the session here on Wednesday as we wait for the Federal Reserve decision. We already know what the Swiss are going to do. They are going to keep rates as close to zero as possible, and they are going to intervene if the Swiss franc extends any massive amount of gains. They have come out and said just that.

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So, this is a one-sided argument. Right now, we are testing the crucial 0.83 level, as the Federal Reserve announcement coming out here in a bit will be a driver of what is expected next for the U.S. dollar. The 0.83 level is an area that in the past has been important and right now seems to be essentially fair value. It is the middle of this range between 0.82 and 0.84.

Those dips should end up being buying opportunities

I am, full disclosure, very bullish on this market, but I recognize that sometimes you are going to be better off waiting for some type of dip. Those dips should end up being buying opportunities, all things being equal, unless, of course, the Federal Reserve suddenly changes its tune.

EURUSD Chart by TradingView

It looks like the 50-day EMA is also offering support just above that 0.82 level, and the 0.84 level above has a little bit of a double top. So, if we were to break above that, I think we have got a real shot higher

You get paid to hang on to this at the end of every day, and no matter what the Federal Reserve does today, barring cutting interest rates to zero, that will remain the case. So, I think you have got a situation where you continue to look for pullbacks as value. You take advantage of the longer-term buy-and-hold type of attitude of this pair. You get paid at the end of every day, as I have been.

It also could be said that maybe we are trying to form some type of bullish flag. It is a little early to call it that, but if we do, that could measure a move of the dollar to about 0.89. I am not calling for that yet, but it really would not surprise me if sometime next year we did hit that if things continue as they are.

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