I can think of one possible way.  Use the spline room.  Create an object consisting of two grouped circles.  Create a few equidistant sections.  Make sure you have it set to point to point.   Set the extrusion method to pipeline and then begin rotating the grouped circles in each section an equal amount, until you have the braided look you want.  Then create a few more sections and use them with the pipeline extrusion to shape the wire to your liking.  This method will require a lot of tweaking but offhand, it's the only way I can think of to do it.  It's amazing how the simple looking things can be the biggest headache to do. :)  Good luck.