USDCHF Forecast: Testing Bottom of Channel
have been warning about the Swiss National Bank possibly intervening in the Forex markets, driving down the value of the Swiss franc. That being said, it never happened, so I think that is now in the rearview mirror. When I look at this chart, I see a clear range between 0.9150 and 0.9250. Remember that this pair does tend to be very grinding and range-bound and is not exactly one that people trade for excitement.
I suspect that the next week or so is probably going to be very choppy and sideways, so I am not looking for much in the way of motion. That being said, I am favoring the upside overall, at least until we would break down below the 0.9150 level. To the upside, if we can break above the 0.93 level, then I think the dollar has a real opportunity to go looking towards the 0.94 handle, but you must
keep in mind that this pair tends to chop and grind, meaning that you have to be patient to collect your profits. If nothing else, you can use this as an indicator on how to trade the Swiss franc against other currencies, because it can give you a bit of a “heads up” on relative strength when it comes to the Swiss franc.
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