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Should We Be Wary of the Upside Potential for the Swiss Franc, Which Is Hitting New Highs?

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Should We Be Wary of the Upside Potential for the Swiss Franc, Which Is Reaching New Highs?

08.08.2023

Today's Highlights
  1. Germany's Consumer Price Index
  2. U.S. Trade Balance

In the U.S. currency market the previous day, the U.S. dollar traded in a seesaw pattern against the euro.The EUR/USD pair traded in a range between 1.0965 and 1.1014, lacking clear direction. From a technical perspective, the pair is currently caught between the 75-day and 20-day moving averages on the daily chart, so traders should be on the lookout for sudden price movements triggered by economic data releases during U.S. trading hours today.

European currencies rose against the yen as the Swiss franc strengthened following the release of Switzerland’s July employment statistics yesterday, which showed the seasonally adjusted unemployment rate worsening by approximately 0.1 percentage points to 2.1% from 2.0% the previous month.The CHF/JPY pair surged from 161.941 to 164.064, setting a new all-time high. From a technical perspective, while the CHF/JPY pair appears to have no upper limit, the weekly RSI is beginning to trend downward after exceeding 70; therefore, as a precaution, investors should remain vigilant for a pullback driven by a time-based correction.

Today, at 15:00, Germany’s Consumer Price Index; at 15:30, Hungary’s Consumer Price Index and trade balance; at 15:45, France’s trade balance;at 5:00 PM, Taiwan’s Consumer Price Index and trade balance, and the Czech Republic’s unemployment rate; at 7:00 PM, the U.S. NFIB Small Business Optimism Index; at 9:15 PM, remarks by Harker, President of the Federal Reserve Bank of Philadelphia; at 9:30 PM, Canada’s international merchandise trade and the U.S. trade balance;at 23:00: U.S. Wholesale Inventories, and at 26:00: U.S. 3-Year Treasury Auction. We must remain highly vigilant regarding the upside potential of the Swiss franc, which is hitting new highs.

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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