Should investors be wary of a corrective decline in the Swiss franc/yen pair after it touched the upper 158 yen range?
20.06.2023
- Switzerland: Trade Balance
- U.S. – Williams: Remarks by the President of the New York Fed
In the previous day’s U.S. currency trading, volatility in the GBP/USD pair declined as U.S. markets were closed for a holiday. The GBP/USD fell by approximately 60 pips from 1.2836 to 1.2771. This move caused the pair to break below the 20-period moving average on the hourly chart, ending the uptrend that had been in place since the 5th of this month.On the higher-timeframe daily chart, the pair has broken well above the 1.2739 line—the upper boundary of the ascending parallel channel—so traders should be on guard for a corrective pullback.
Among European currencies, the Swiss franc, which is set to release its trade balance data today, saw a seesaw battle against the yen. The CHF/JPY pair fluctuated between 157.929 and 158.771.During today’s Asian trading session, the pair has been trading around 158.162. Furthermore, since the CHF/JPY pair still has room to reach the upper limit of the monthly rising parallel channel that began in June 2012—around the mid-162 yen level—we should watch for a continued upward trend following a period of consolidation.
Today, at 3:00 PM: Germany’s Producer Price Index, Switzerland’s Trade Balance, and Japan’s Machine Tool Orders; at 5:00 PM: the Eurozone’s Current Account Balance; at 5:30 PM: Hong Kong’s Consumer Price Index; at 6:00 PM: the Eurozone’s Construction Output; and at 7:30 PM: U.S. Federal Reserve’s Brad:St. Louis Fed President’s remarks; at 9:00 PM, Hungary’s MNB policy rate and Mexico’s retail sales; at 9:30 PM, U.S. housing starts and building permits; and at 12:45 AM, U.S. Williams: NY Fed President’s remarks and U.S. Barr, Fed Vice Chair’s remarks are scheduled.We should be wary of a corrective decline in the Swiss franc/yen pair, which has touched the upper 158 yen range.
Author: Keisuke Sakurai
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