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Concerns Over Further Declines in the Swiss Franc Against the Yen?

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Concerns Over Further Declines in the Swiss Franc Against the Yen?

11.05.2022

Today's Highlights
  1. U.S. MBA Mortgage Applications Index
  2. Bostic (U.S.): Remarks by the President of the Atlanta Federal Reserve Bank

Yesterday, the U.S. dollar held steady against the euro, with the EUR/USD pair falling by about 60 pips from 1.058 to 1.052. However, during today’s Asian trading session, it is attempting to rise again, continuing to trade within the range established since the end of last month.The daily volatility of the EUR/USD pair has been declining, and as it continues to fluctuate wildly, traders should remain vigilant for price movements should the pair break out in either direction.

Among European currencies, while cross-yen pairs remained firm, the Swiss franc fell, with CHF/JPY dropping approximately 120 pips from 134.06 to 130.43, hitting its lowest level since February of this year.CHF/JPY has already fallen well below the 200-period SMA on the 4-hour chart and has entered a “vacuum zone” on the daily chart where there is no support from moving averages, so traders should be wary of further declines.

Today’s schedule includes remarks by German Bundesbank President Nagel at 16:15 (European time), remarks by ECB President Lagarde at 17:00, the U.S. MBA Mortgage Applications Index at 20:00, the U.S. Consumer Price Index at 21:30, and the U.S.weekly crude oil inventories, at 25:00 remarks by U.S. Federal Reserve Bank of Atlanta President Bostic, at 26:00 a U.S. 10-year Treasury auction, and at 27:00 the U.S. budget balance. We should remain cautious about the downside potential for the Swiss franc against the yen.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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