Swiss Franc: 0.8205 caps losses against US Dollar - UOB
UOB’s Quek Ser Leang highlights that USD/CHF extended gains to 0.8195 before consolidating, with intraday trade now expected between 0.8150 and 0.8195. He sees strong but overbought momentum and says a sustained move to 0.8245 requires a clear break and hold above 0.8205.
UOB’s analysts observe that the USD/CHF currency pair reached a high of 0.8195 before experiencing a consolidation phase, with trading currently expected to fluctuate between 0.8150 and 0.8195. Quek Ser Leang, a UOB analyst, believes that the momentum is strong but overbought, requiring a clear breach and hold above the 0.8205 level for a sustained move to 0.8245. Maintaining support above the 0.8130 mark is crucial for sustaining the bullish outlook.
Following USD’s unexpected rise last Friday, the analysts had previously noted that the upward momentum was underestimated, as USD surged to 0.8170 before closing at 0.8161 (+0.44%). Despite conditions remaining overbought, a stronger upwards trend may push USD towards the 0.8185 mark. However, further gains above 0.8205 are doubtful and would require USD to hold above 0.8140, with minor support observed at 0.8150.
Indeed, after surging to a peak of 0.8195, USD retreated slightly, closing at 0.8171 (+0.12%). The modest pullback indicates that instead of continuing its upward trajectory, USD is more likely to stabilize between 0.8150 and 0.8195.
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