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Will the Swiss franc reach a new high against the yen?

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Will the Swiss franc reach a new high against the yen?

02.08.2023

Today's Highlights
  1. SVME Purchasing Managers' Index (Switzerland)
  2. U.S. ADP Employment Report

In the U.S. currency market the previous day, the U.S. dollar strengthened against the euro after the U.S. June JOLTS job openings figure, released yesterday, rose to 9.582 million from 9.824 million the previous month. The EUR/USD pair fell from 1.1003 to 1.0951.The downtrend continued as the pair faced resistance at the 10-period moving average on the 4-hour chart. Although the EUR/USD pair showed a temporary rebound last weekend, the daily RSI has been trending downward after falling from above 70, so traders should remain cautious of a continued decline in the euro.

Among European currencies, the Swiss franc traded in a range against the yen today ahead of the release of the manufacturing PMI. While other yen crosses rose, the franc-yen pair faced resistance on the upside and fluctuated within the 162.884–163.819 range.From a technical perspective, CHF/JPY is currently setting new all-time highs, and the breakout above the 20-period moving average on the 4-hour chart earlier this week has had a significant impact. It will be worth watching to see if the Swiss franc extends its gains during European trading hours.

Today’s schedule includes Thailand’s policy rate at 16:00, Switzerland’s SVME Purchasing Managers’ Index at 16:30, Brazil’s Consumer Price Index at 17:00, the U.S. MBA Mortgage Applications Index at 20:00, the U.S. ADP Employment Report at 21:15,at 10:00 p.m., Singapore’s Manufacturing PMI; at 11:30 p.m., U.S. weekly crude oil inventories; and at 1:00 a.m., Russia’s unemployment rate and retail sales figures. We will be closely monitoring whether the Swiss franc can reach a new high 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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Should We Wait and See How the Franc-Yen Pair Performs as It Continues to Hit New Highs?
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