Swiss Franc: Range trade bias holds against US Dollar – UOB

FXStreet Insights Team FXStreet

United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann note that USD/CHF shows slightly increased downside momentum, with scope to test 0.8290 but limited odds of a sustained break lower. For the coming days, they maintain that USD/CHF has likely entered a range-trading phase between 0.8245 and 0.8365, while over the 1–3 month horizon they see the pair continuing to rebound but lacking strength to revisit the July peak.

Downside test within broader range

"24-HOUR VIEW: We stated yesterday that Wednesday’s “price action provides no fresh clues,” and we indicated that USD “could trade between 0.8310 and 0.8345.” USD then rose to 0.8346, dropped sharply to 0.8305 before settling at 0.8314 (-0.20%). The slight increase in downward momentum could lead to USD testing 0.8290. A continued decline below this level is unlikely. On the upside, resistance is at 0.8325, followed by 0.8345."

"1-3 WEEKS VIEW: In our most recent narrative from last Friday (02 Oct, spot at 0.8310), we highlighted that USD “has likely entered a range-trading phase between 0.8245 and 0.8365.” Although USD traded in a relatively quiet manner over the past couple of days, we will maintain our view for now."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)

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FXStreet Insights Team

FXStreet

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