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Will the Swiss franc, which has been on the rise, maintain its momentum, or should we wait and see?

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Will the Swiss franc, which has been on the rise, maintain its momentum, or should we wait and see?

09.01.2024

Today's Highlights
  1. European Employment Statistics
  2. Canada: Number of Housing Permits Issued

In the previous day’s U.S. currency trading, the U.S. dollar was the weakest currency during U.S. trading hours. The EUR/USD pair rose from 1.0922 to 1.0978, recovering to the line marking the recent high on the 4-hour chart.From a technical perspective, the daily chart—a higher time frame—shows an ongoing uptrend centered around the 20-day moving average (20MA). It will be worth watching whether the euro will rise against the U.S. dollar following a period of consolidation.

European currencies saw the Swiss franc strengthen against the U.S. dollar after Switzerland’s December Consumer Price Index (CPI), released yesterday, rose to 1.7% year-over-year from 1.4%.The USD/CHF pair fell from 0.8521 to 0.8459, breaking below the 200-period simple moving average (SMA) on the hourly chart. With the franc remaining strong and the U.S. dollar continuing to weaken during today’s Asian trading session, traders should remain vigilant regarding price movements during the European session.

Today’s economic indicators include Swiss employment figures at 15:45, German industrial production at 16:00, French trade balance and current account at 16:45, Taiwan’s trade balance at 17:00, and at 19:00, the Eurozone’semployment report, at 21:00 Mexico’s Consumer Price Index, at 22:30 U.S. trade balance, at 22:30 Canada’s international merchandise trade, at 22:30 Canada’s housing permits, and at 26:00 remarks by Fed Vice Chair Bar.I’d like to wait and see whether the Swiss franc, which has been rising, will maintain its momentum.

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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All eyes are on whether the euro will rise following the release of economic indicators during European trading hours.

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All eyes are on whether the U.S. dollar, now the world’s strongest currency, will continue to rise.
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