Swiss Franc: Downtrend capped with 0.8185 against US Dollar – UOB
UOB strategist Quek Ser Leang notes USD/CHF extended gains to 0.8170 and closed at 0.8161, with conditions overbought but momentum still strong. Intraday, the pair could test 0.8185, though 0.8205 is seen as a tough barrier.
UOB strategist Quek Ser Leang reports that the Swiss Franc (CHF) against the US Dollar (USD) has reached a recent low of 0.8185. The pair briefly touched 0.8170 and settled at 0.8161, with analysts noting that while the momentum is strong, the move to the 0.8205 mark remains challenging. In the short term, the pair could test the 0.8185 level, although surpassing the 0.8205 barrier appears unlikely.
In the next one to three weeks, upward momentum is building, but it is uncertain whether it is sufficient to push the pair beyond the 0.8205 resistance level. Strong support, however, remains at 0.8110. On a 24-hour basis, the USD soared to 0.8147 last Thursday, and on Friday, it was hinted that while overbought, the advance could test 0.8155 before leveling off.
The analysts initially underestimated the upward momentum, as the USD rose more than expected to 0.8170 before closing at 0.8161, marking a 0.44% increase. Conditions remain overbought, but strong momentum suggests the USD could test the 0.8185 level today. To sustain the momentum, the USD needs to hold above the 0.8140 level, with minor support at 0.8150.
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