Swiss Franc: Watching break of 0.8205 against US Dollar – UOB

FXStreet Insights Team FXStreet

UOB’s Quek Ser Leang and Lee Sue Ann see USD/CHF consolidating just below major resistance at 0.8205 after trading between 0.8164 and 0.8198. They flag potential for a brief move above 0.8205, though a sustained break is uncertain, and maintain that a firm hold above this level is needed to target 0.8245, with strong support near 0.8145.

Dollar capped near key resistance

"24-HOUR VIEW: Yesterday, we expected USD to “consolidate between 0.8150 and 0.8195.” USD subsequently traded within a range of 0.8164/0.8198. While the price action did not result in any clear increase in upward momentum, USD could rise above the major resistance at 0.8205. However, based on the current momentum, it may not be able to maintain a foothold above this level. The next resistance at 0.8245 is also unlikely to come into view. Support is at 0.8175, followed by 0.8160."

"1-3 WEEKS VIEW: Yesterday (15 Sep, spot at 0.8175), we highlighted that USD “must break and hold above 0.8205 before a move to 0.8245 can be expected.” There is no change in our view. On the downside, should USD break below 0.8145 (‘strong support’ level was at 0.8130 yesterday), it would mean that the upside pressure from late last week has run its course."

(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

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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