Market participants are likely keeping a close eye on the direction of the U.S. dollar, which is facing resistance at higher levels

Market participants are likely keeping a close eye on the direction of the U.S. dollar, which is facing resistance at higher levels

01.07.2024

Last weekend, the U.S. dollar faced resistance as the U.S. May PCE deflator, released on June 28, was revised downward from 2.7% to 2.6% year-over-year. The USD/JPY pair fell against the yen immediately after the release, dropping from the day’s high of 161.282 to 160.264. However, it gradually recovered thereafter.It ultimately closed at 160.886. Since the RSI on the daily chart has exceeded 70, traders should watch for potential downward price movements during European trading hours.

Among European currencies, the Swiss franc rebounded against the yen following the release of the June KOF Leading Index, which improved to 102.7 from 100.3 the previous month. The CHF/JPY pair recovered from 178.222 to 179.101.The 200-period EMA on the hourly chart acted as a support level. On the 4-hour chart, the pair rebounded from the -2σ Bollinger Band, and on the daily chart, the uptrend along the 10-period MA continues.

Today’s schedule includes the Malaysia Manufacturing PMI at 9:30, Australian Retail Sales at 10:30, Japan’s Consumer Sentiment Index at 14:00, UK Nationwide House Price Index at 15:00, Switzerland Manufacturing PMI at 16:30, UK Manufacturing PMI at 17:30, and Germany’sConsumer Price Index, at 10:45 PM US PMI Purchasing Managers' Index, at 11:00 PM US Construction Spending and US ISM Manufacturing Index, and at 2:00 AM a statement by ECB President Lagarde. We will closely monitor the direction of the US dollar, which is facing resistance on the upside.

Past Market Reports

1. 22.04.2026New

   Will interest grow in the upside potential of the Swiss franc, which has risen against the yen?

2. 21.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

3. 20.04.2026New

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

4. 17.04.2026New

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

5. 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

6. 15.04.2026

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

7. 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

8. 13.04.2026

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

9. 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?

10. 09.04.2026

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