Should we wait and see how the CHF/JPY pair performs as it continues to hit new highs?

Should we wait and see how the CHF/JPY pair performs as it continues to hit new highs?

03.08.2023

In the previous day’s U.S. trading session, the U.S. dollar emerged as the strongest currency after the July ADP employment report, released during U.S. trading hours, came in at 324,000—significantly exceeding the market forecast of 189,000. The USD/JPY pair fell from 143.332 to 142.227 before rebounding to 143.489.During today’s Asian trading session, the pair has broken through yesterday’s high, touching 143.891. With key economic indicators such as initial jobless claims scheduled for release today, traders should keep a close eye on the dollar’s movements during U.S. trading hours.

European currencies saw the Swiss franc weaken against the yen after the Swiss Purchasing Managers' Index (PMI) released yesterday fell to 38.5 from 44.9 the previous month. The CHF/JPY pair fell from 164.034 to 162.101.It broke significantly below the 20-period moving average (MA) on the 4-hour chart. However, the yen has been weakening again during today’s Asian session and has already broken through the key 163-yen level, so we will need to carefully assess currency strength and weakness during the European session.

Today’s schedule includes Germany’s trade balance at 3:00 PM, Switzerland’s Consumer Price Index at 3:30 PM, Turkey’s Consumer Price Index and Producer Price Index at 4:00 PM, the UK’s Services PMI at 5:30 PM, the Bank of England’s interest rate decision and policy statement at 8:00 PM, a press conference by Bank of England Governor Bailey at 8:30 PM, and the U.S. Challenger job cuts forecast,21:30: US Initial Jobless Claims, US Q2 Nonfarm Productivity, Remarks by Barkin, President of the Richmond Fed; 22:45: US Services PMI; 23:00: US ISM Non-Manufacturing PMI; 23:30: US Weekly Natural Gas Inventories.We will closely monitor the movement of the JPY/USD pair, which continues to hit new highs.

Past Market Reports

1. 21.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

2. 20.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

3. 17.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

4. 16.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

5. 15.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

6. 14.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

7. 13.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

8. 10.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

9. 09.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

10. 08.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran