- This is an interesting pair for me, mainly due to the fact that the market here looks somewhat like the dollar against the Swiss franc.
- So, I think this is a North America versus Switzerland type of setup.
- With that being said, I think you have to look at this through the prism of a market that is doing everything it can to build a base.
It is worth noting that the Canadian dollar is hanging around the 50 day EMA against the Swiss franc, but I would also pay close attention to the 0.6050 level that to me is your gateway to much higher pricing in that environment. I would be much more bullish right now. I think we're sideways though.
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And full disclosure, I actually prefer the US dollar against the Swiss franc if I'm going to go long. That being said, there is an area that has been held for quite some time near the zero point five nine to five level. So short term dips might offer opportunities to perhaps pick up short term scalp. I do think that the Swiss franc is in the middle of trying to come to the end of its strength. That is unless something else crosses the wires, which this year has been one nonstop news event after another.
However, that doesn't mean that we turn around right away. So, I would anticipate a lot of choppy and noisy behavior, but I also recognize that we are in the process of perhaps putting in some type of basing pattern overall. If we were to break down below the 0.5825 level, then we could see the Canadian dollar crumble against the Swiss franc, which I think would be more about the Swiss franc than anything else. We'd probably see the franc strengthen against everybody else simultaneously.
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