CHF – USD/CHF Remains Range-Bound

Market participants widely expect the Swiss National Bank to keep its policy rate at zero for the second consecutive meeting on Thursday, until the end of 2026, as inflation hovers near the bottom of its target range.

For USD/CHF, watch the two previous lows: the September 16 low of 0.7827 and the October 17 low of 0.7870. The pair is currently holding above these levels. The resistance is seen at the November 5 high of 0.8124, with stronger resistance at the 200-day moving average of 0.8210 and 0.8250. Given that USD/CHF has been largely range-bound in recent months, with upward movement repeatedly limited by the 0.81 level, it is highly likely that significant resistance will be encountered in this area again. Near-term support levels are at 0.8030 and 0.7980, with further support at 0.7870 and the 0.78 level.

Forecast range:
Resistance: 0.8124 – 0.8210 – 0.8250
Support: 0.8030 – 0.7980 - 0.7870 – 0.7800

Key Focus:
Thursday
Swiss National Bank Interest Rate Decision (16:30)

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