With the Swiss National Bank keeping rates unchanged at 1.75% against market expectations, attention is turning to the Swiss franc’s resilience

With the Swiss National Bank keeping rates unchanged at 1.75% against market expectations, attention is turning to the Swiss franc’s resilience

22.09.2023

In yesterday’s U.S. currency trading, the U.S. dollar fell against the yen after the September Philadelphia Fed Manufacturing Index, released yesterday, deteriorated sharply from 12.0 the previous month to -13.5. The USD/JPY pair retreated after hitting a monthly high of 148.457, falling to 147.321.Although a slight rebound is visible during today’s Asian trading session, the pair is falling after touching the 20-period moving average on the hourly chart, so caution is warranted regarding price movements during U.S. trading hours.

European currencies saw the Swiss franc fall sharply against the yen following yesterday’s announcement by the Swiss National Bank (SNB) that it had kept its policy rate unchanged at 1.75%, as in the previous meeting. The CHF/JPY pair fell by approximately 2 yen, from 165.058 to 162.975, and broke sharply below the 200-period EMA on the 4-hour chart.On the daily chart, which is a higher timeframe, the pair has fallen sharply from the 20-day moving average and reached the -3σ level of the Bollinger Bands, so we will be closely monitoring whether the decline continues.

Today’s schedule includes UK retail sales at 3:00 PM, a press conference by Bank of Japan Governor Ueda at 3:30 PM, French manufacturing and services PMIs at 4:15 PM, German manufacturing and services PMIs at 4:30 PM, Taiwan’s unemployment rate and Eurozone manufacturing and services PMIs at 5:00 PM, and a speech by Fed Governor Cook at 5:30 PM.UK Manufacturing/Services PMI, UK CBI Business Survey at 7:00 PM, Canadian Retail Sales at 9:30 PM, remarks by Fed Governor Cook at 9:50 PM, and US Manufacturing/Services PMI at 10:45 PM. We will be watching for a rebound in the Swiss franc, which held steady at 1.75% despite market expectations.

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