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Market participants are keeping a close eye on the upside potential of the US dollar-Swiss franc pair, which is rebounding

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Market participants are keeping a close eye on the upside potential of the US dollar-Swiss franc pair, which is rebounding

19.02.2024

Today's Highlights
  1. UK Lightmove House Prices
  2. Sweden Consumer Price Index

Last weekend, the U.S. dollar surged temporarily after the core U.S. Producer Price Index (PPI), released on the 16th, showed increases both year-over-year and month-over-month. The EUR/USD pair fell from 1.0779 to 1.0732. The dollar subsequently lost momentum, and the EUR/USD pair rebounded to 1.0787.On the 4-hour chart, EUR/USD is trading just below the 75-day moving average (MA), while the higher-timeframe weekly chart shows two consecutive bullish candles with lower wicks.

European currencies saw the Swiss franc weaken against the U.S. dollar after Switzerland’s fourth-quarter industrial production, released last weekend, deteriorated from the previous reading of 2.0% to -0.4%. The USD/CHF pair rose from 0.8786 to 0.8839, marking its first daily bullish candle in three days.From a technical perspective, the USD/CHF pair has broken above the 20-week moving average and is attempting to reach new highs, so we will be watching price movements closely as we head into the latter half of the week.

Today’s economic indicators include Japanese machinery orders at 8:50 a.m., UK Rightmove house prices at 9:01 a.m., Thai real GDP at 11:30 a.m., the Swedish Consumer Price Index at 4:00 p.m., Israeli employment data at 8:00 p.m., and Canadian industrial production at 10:30 p.m. I intend to closely monitor the upside potential of the US dollar against the Swiss franc, which is currently rebounding.

桜井 慶介

Author: Keisuke Sakurai

I have over 10 years of experience in FX trading. In the financial sector, I have focused primarily on foreign exchange trading and have also worked as an investment advisor. Drawing on my extensive experience, I specialize in technical and fundamental analysis.

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