The euro pulled back a little bit on Friday against the Swiss Franc, as we continue to see a lot of choppy behavior at this point in time.
EUR/CHF
The euro pulled back a bit during the trading session on Friday against the Swiss franc as the market may have been a little overextended. Ultimately, this is an uptrend that has been strong for a while, and the fact that the 50-day EMA is now crossing above the 200-day EMA allows traders to perhaps join those who pay attention to the Golden Cross, a longer-term bullish signal.
That being said, this pair does tend to be rather choppy, and that choppiness, of course, is something that people get a bit of trouble with the psychology of traders. Nonetheless, the overall uptrend continues to be intact, and this pair, being as slow-moving as it typically is, makes for a market that's more of an investment than a short-term trade.
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Golden Cross and Key Technical Support
Getting paid at the end of every day, obviously, is a bonus, and given enough time, it can add up. I have been long of this market for quite a while now and have been collecting the swap in order to build up a bigger gain over the longer term, despite the fact that it is so slow-moving. This means that patience is needed, but it also suits those who can’t watch the markets all day.
The 200-day EMA is down at the 0.9233 level and rising and should, at least in theory, offer a bit of support. Ultimately, I do like the idea of owning this EUR/CHF pair and will continue to add on short-term dips. This is a market that I am looking at through the lens of the next several years, not the next 24 hours.
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