USD/CHF moved closer to a support level watched by United Overseas Bank (UOB) after dropping 0.80% in its prior session, as the franc gained against the dollar, FXStreet reported Nov. 3.
FXStreet said the pair reached a session low of 0.8174 before closing at 0.8184. The outlet did not specify the pricing session’s time zone.
For its 24-hour view, UOB analysts Quek Ser Leang and Lee Sue Ann placed support at 0.8165 and the next lower level at 0.8140. They also listed resistance at 0.8200 and 0.8220. The analysts viewed deeply oversold conditions as a reason a decline below 0.8165 might not last, FXStreet reported.
Over one to three weeks, the bank’s analysis allowed for the pair to reach 0.8165 and potentially move to 0.8140. It identified 0.8255 as strong resistance, according to FXStreet. These are technical levels in UOB’s outlook, rather than confirmed market prices.
FXStreet also described an earlier UOB view dated Oct. 30, in which analysts expected a decline to remain within 0.8190 to 0.8290. The outlet said USD/CHF later moved below 0.8190. EconoTimes has previously covered UOB’s dollar-franc analysis.
USD/CHF measures how many Swiss francs one U.S. dollar buys, so a lower reading means the dollar buys fewer francs. The Swiss National Bank (SNB) listed its reference rate at 0.8207 francs per dollar on Nov. 2. The SNB says its rates are calculated using Bloomberg BFIX data and provided for information; the reference rate is a separate figure from the close FXStreet reported.
