Below 0.8320: Swiss Franc range-bound against US Dollar – UOB

USD/CHF peaked at 0.8313 before closing lower at 0.8279. UOB strategists Quek Ser Leang and Lee Sue Ann note that the pair failed to break decisively above resistance. With momentum indicators flattening, they expect a consolidation range of 0.8265 to 0.8305 over the next 24 hours. The 1–3 week outlook still allows for a test of 0.8320, although they see little chance of a sustained break above that level.

USD/CHF Faces Nearby Resistance

"24-HOUR VIEW: While we expected USD to “edge higher” yesterday, we were of the view that “any advance is unlikely to reach the major resistance at 0.8320.” We noted that “support is at 0.8270.” Our view was not wrong, as USD rose to 0.8313, declined sharply to 0.8273 before closing at 0.8279 (-0.13%). Momentum indicators are turning flat, and USD has likely entered a range-trading phase between 0.8265 and 0.8305."

"1-3 WEEKS VIEW: On Tuesday (27 Oct, spot at 0.8270), we stated that “upward momentum is starting to build, and if USD closes above 0.8290, it could rise to 0.8320.” After USD closed at 0.8290, we highlighted yesterday (28 Oct, spot at 0.8290) that “while we would have preferred a more decisive close above 0.8290, the price action suggests USD could test 0.8320.” We also highlighted that “the odds of a continued rise above this level are not high for now.” We will continue to hold the same view as long as USD holds above 0.8250 (no change in ‘strong support’ level)."

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