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Should We Keep an Eye on the Direction of the U.S. Dollar Against the Swiss Franc?

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Should We Keep an Eye on the Direction of the U.S. Dollar Against the Swiss Franc?

25.07.2022

Today's Highlights
  1. Turkey - Economic Sentiment Index
  2. Dallas Fed Manufacturing Activity Index

Last weekend, the U.S. dollar weakened against the Swiss franc, with the USD/CHF pair falling approximately 100 pips from 0.9704 to 0.9600. The USD/CHF has formed a triple top on the daily chart and is currently in a downtrend from the right shoulder.Although the pair rebounded during today’s Asian session, rising by about 50 pips, it remains below the 20-period moving average on the 4-hour chart, so traders should remain cautious about the continuation of the downtrend following this corrective rally.

European currencies fell against the yen after the preliminary manufacturing and services PMI figures for Germany, the eurozone, and the UK—released last weekend on the 22nd—showed a series of declines compared to the previous month.The euro/yen pair fell by approximately 1.9 yen, from 140.671 to 138.773. The pound/yen pair fell by 2.1 yen, dropping from 165.131 to 162.992. As economic sentiment in these countries continues to deteriorate, the yen is seeing a trend of buying.

Today, at 16:00 European time, Turkey’s Economic Sentiment Index and Capacity Utilization Rate will be released; at 17:00, Germany’s IFO Business Climate Index; at 17:30, Hong Kong’s trade balance;at 19:00, the UK’s CBI Business Survey; during U.S. trading hours, the Chicago Fed National Activity Index at 21:30, the Dallas Fed Manufacturing Activity Index at 23:30, and a U.S. 2-year Treasury auction at 26:00.Tomorrow, the U.S. Consumer Confidence Index will be released, and the FOMC meeting is scheduled for the day after tomorrow. With attention focused on the U.S. dollar, we should remain cautious of its volatility leading up to the FOMC meeting.

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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