Swiss Franc: Tight range expected against US Dollar - UOB
United Overseas Bank (UOB) strategist Quek Ser Leang notes USD/CHF reversed sharply from 0.8382 to close at 0.8286, with intraday price action expected to edge lower toward 0.8245 while staying above 0.8225.
United Overseas Bank (UOB) strategist Quek Ser Leang anticipates a tight range for the Swiss Franc against the US Dollar. The USD/CHF currency pair dropped from 0.8382 to 0.8286, with further declines expected to 0.8245, but not falling below 0.8225. In a one to three week timeframe, UOB sees the pair trading within 0.8245 to 0.8365 after recent upside momentum waned.
Over a one to three month period, a rebound is still expected, though not strong enough to surpass the July peak. On a 24-hour view, USD climbed to 0.8382 last Thursday, before plummeting to 0.8291 before Friday's close at 0.8286. While downward momentum increased, it was not enough to signal a sustained decline. Today, UOB analysts predict USD will further decline to 0.8245, with resistance at 0.8300. A breach of 0.8310 would suggest that downward pressure has eased.
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