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During the trading session on Monday, we have seen a lot of volatility around the world, as the trading environment seems to be changing from moment to moment.
That being said, what I am watching closely here is the 0.81 level, which is an area that’s been important a couple of times in the long term.
This is an area that seems to be holding up over the last couple of days, but if we were to break down below here, there’s not much to keep this market from dropping down to the 0.80 CHF level.
Safety CurrenciesWhile both of these are considered to be safety currencies, the reality is that there is so much volatility around the United States right now that it’s almost impossible to imagine the US dollar being treated as a“safer currency” than the Swiss franc. Yes, the Swiss have to deal with the fact that they are surrounded by the European Union, but it’s also worth noting that the Germans are exiting a recession, so that could help Switzerland as well, due to the fact that a huge portion of Swiss exports enter the German marketplace.Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money
That being said, it’s also worth noting that yields in America are starting to calm down, and that might be exactly what we need to see in order for the US dollar to stabilize. That being said, it doesn’t necessarily mean that the market is going to favor the US dollar against the Swiss franc anytime soon, but if we do see the US dollar recapture some of its losses across the board, then one would have to suspect that the Swiss franc won’t be any different. After all, the Euro has rallied extensively against the US dollar and is most certainly in an overbought condition.
EURUSD Chart by TradingViewBy extension, if the US dollar picks up momentum over there, then it makes sense that it would here as well. The market rally and from here could send the US dollar trading at 0.83 CHF, perhaps even followed by 0.84 CHF above.Ready to trade our daily forex forecast ? Here are the best online trading platforms in Switzerland to choose from.
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