Swiss Franc: Further weakness seen against US Dollar - UOB
UOB’s Quek Ser Leang highlights that USD/CHF extended gains to 0.8294 despite overbought conditions, with intraday scope for further upside though a move to the major 0.8320 resistance is seen unlikely. On a 1–3 week horizon, he now expects the pair to test 0.8320 after a close at 0.8290, but judges the odds of a sustained break above this level as low while strong support has shifted to 0.8250.
The Swiss Franc has shown signs of further weakening against the US Dollar, according to UOB analyst Quek Ser Leang. Despite reaching an intraday high of 0.8294, USD/CHF may face resistance at the major level of 0.8320, making an upward move less likely in the near term. However, a test of the 0.8320 resistance is not entirely ruled out.
In the short term (1-3 weeks), the pair is expected to reach the 0.8320 level after closing at 0.8290, but the likelihood of a sustained break above this level is considered low. Strong support now appears to be at 0.8250. Over the past 24 hours, the US Dollar rose to a high of 0.8278, while the Swiss Franc held steady near the 0.8270 mark.
While the downward momentum is starting to ease, conditions remain overbought, and any advance is currently unlikely to reach the 0.8320 resistance. On the downside, the support level is at 0.8270.
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