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Will the Swiss franc, which has been gaining strength, continue its rally during European trading hours?

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Will the Swiss franc, which has been gaining strength, continue its rally during European trading hours?

12.09.2022

Today's Highlights
  1. UK GDP
  2. U.S. 3-Year Treasury Auction

Last weekend, the U.S. dollar index traded sideways around 108.6 before trending lower, causing the EUR/USD pair to rise. It climbed approximately 120 pips from last weekend’s low of 0.9992 to 1.0113. During today’s Asian trading session, the pair continues to trend higher without fully filling the gap left from the opening.On the 4-hour chart, the pair is positioned just below the 200 SMA. If it breaks above the 200 SMA, 1.0129—the upper boundary of the downtrend line—will act as a resistance level, so traders should be on guard for a potential pullback.

Amid a general trend of yen appreciation, the Swiss franc held firm on the downside, and the CHF/JPY pair’s decline was limited to 120 pips, from 148.825 to 147.519. Notably, during today’s Asian trading session, the pair hit a new high for the year, and the CHF/JPY is currently trading at 148.871.With the SNB’s policy rate announcement coming up next week, we will be watching to see if the franc continues to strengthen.

Today, at 15:00 during Asian trading hours, UK GDP, UK industrial production, UK manufacturing production, UK trade balance, and Japanese machine tool orders will be released; and at 16:00 during European trading hours, Turkey’s current account balance,Turkey’s employment statistics at 16:00 during European trading hours, India’s industrial production and consumer price index at 21:00, and the U.S. 3-year Treasury auction and 10-year Treasury auction at 24:30 during U.S. trading hours.Chinese markets are closed today for the Mid-Autumn Festival. It will be interesting to see if the Swiss franc, which has been strengthening, continues to gain ground during European trading hours.

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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