Attention is turning to the Swiss franc’s ability to recover following the SNB’s rate cut

Attention is turning to the Swiss franc’s ability to recover following the SNB’s rate cut

21.06.2024

In yesterday’s U.S. currency trading, the U.S. dollar rose against the yen despite the Philadelphia Fed Business Outlook Index, released yesterday, falling sharply from 4.5 the previous month to 1.3. The USD/JPY pair rose from 157.813 to 159.126, reaching its highest level since April 29.On the daily chart, the RSI has not yet reached 70, leaving room for further movement, so we should watch for the potential for the dollar to rise during European trading hours.

European currencies saw the Swiss franc weaken against the yen after the Swiss National Bank (SNB) announced yesterday that it had cut its policy rate by 0.25 percentage points to 1.25%, contrary to market expectations that it would remain unchanged. The CHF/JPY pair fell from 179.060 to 177.655.It broke below the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the decline halted upon touching the 20-period MA, and on the daily chart, the pair continues to trade above the 10-period MA.

Today’s schedule includes the UK GfK Consumer Confidence Survey at 8:01, Japan’s Consumer Price Index at 8:30, India’s Manufacturing/Services PMI at 14:00, UK Retail Sales at 15:00,at 3:45 PM: France Manufacturing/Services PMI; at 4:00 PM: Remarks by Nagel, President of the German Federal Bank; at 4:30 PM: Germany Manufacturing/Services PMI; at 5:00 PM: Eurozone Manufacturing/Services PMI; at 5:30 PM: Hong Kong Current Account;UK Manufacturing/Services PMI at 17:30, Canada Retail Sales and Industrial Production at 21:30, US PMI Purchasing Managers' Index at 22:45, US Leading Economic Index at 23:00, and US Existing Home Sales are scheduled. We will be watching for the Swiss franc’s ability to recover following the SNB’s rate cut.

Past Market Reports

1. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

2. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

3. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

4. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

5. 13.04.2026New

   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

6. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

7. 09.04.2026

   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?

8. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

9. 07.04.2026

   Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed