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USD/CHF Forecast: Holds Firm at 0.90 Support

By Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
  • The US dollar has fallen significantly during the trading session against the Swiss franc on Friday.
  • I think a lot of what we are seeing is the idea that Trump is out there screaming for lower interest rates, but he won't get them necessarily.
  • I don't think this changes much. In fact, I think we're just middling around at the moment in order to find some type of flooring so that we can perhaps bounce again.

The 0.90 level is a major support level that is not only psychologically important, but it's also backed up by the 50-day EMA. If we can break above the 0.91 level, then it makes a certain amount of sense that we could go look into the 0.92 level.

On a Move Higher

A break above that area then I think opens up a huge, longer term move and that's what I'm watching for right now. If we were to break down below the 0.90 level, then I have to start to question the dollar strength but this immediate knee-jerk reaction I don't know that I read too much into because we all know at least those of us who's been trading for more than four years that Trump says a lot of things to change anything is a completely different question altogether, but I think when you look at it through this prism, you have to expect that we probably consolidate a little bit while we try to figure out exactly what it is we are going to do over the next several days.

USD/CHF Forecast Today 27/01: Holds Firm at Support (graph)

A little bit of hesitation does make sense considering where we are at. So, I still remain bullish, especially considering that the Swiss National Bank recently cut interest rates by 50 basis points, but I also recognize it could be an area that we need to build up the necessary momentum to finally break out.

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Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

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