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Should We Keep an Eye on the Upside Potential of the US Dollar-Swiss Franc Pair, Which Is Rebounding?

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Should We Keep an Eye on the Upside Potential of the U.S. Dollar-Swiss Franc Pair, Which Is Rebounding?

19.02.2024

Today's Highlights
  1. UK LightMove Housing Prices
  2. Sweden Consumer Price Index

In the U.S. currency market 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 U.S. dollar subsequently lost momentum, and the EUR/USD pair rebounded to 1.0787. On the 4-hour chart, the EUR/USD pair is trading just below the 75-period moving average (MA), and on the higher-time-frame weekly chart, it has formed two consecutive bullish candles with lower wicks.

European currencies fell as the Swiss franc weakened against the U.S. dollar following the release of Switzerland’s fourth-quarter industrial production data last weekend, which 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, since the USD/CHF has broken above its weekly 20-day moving average and is attempting to reach new highs, we will be watching its price action closely as the week progresses.

Today’s economic indicators include Japan’s machinery orders at 8:50, the UK’s Rightmove house prices at 9:01, Thailand’s real GDP at 11:30,at 4:00 p.m., Sweden’s Consumer Price Index; at 8:00 p.m., Israel’s Employment Statistics; and at 10:30 p.m., Canada’s Industrial Production. I’d like to carefully monitor the upside potential of the US dollar against the Swiss franc, which is rebounding.

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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