Should we wait and see how resilient the Swiss franc proves to be, even though it has become the weakest currency?

Should we wait and see how resilient the Swiss franc proves to be, even though it has become the weakest currency?

03.07.2024

In yesterday’s U.S. trading session, the Canadian dollar emerged as the strongest currency. The CAD/JPY pair rose from 117.415 to 118.181. The price moved upward along the 20-period moving average on the hourly chart. On the 4-hour chart, a band walk along the +2σ line of the Bollinger Bands was observed, and on the daily chart, the RSI reached 77. We will be watching to see if today’s economic data releases during U.S. trading hours bring any changes to market sentiment.

Among European currencies, the Swiss franc was the weakest during U.S. trading hours. The CHF/JPY pair fell from 178.912 to 178.343. On the hourly chart, the price dropped from above the 20-period moving average (MA) to below it. On the 4-hour chart, the price fell to near the -2σ level of the Bollinger Bands. On the daily chart, it fell just below the 10-period MA. Meanwhile, during today’s Asian trading hours, the pair has rebounded again, and an upward move from the daily 10-period MA is being observed.

Today’s schedule includes Australian housing construction permits at 10:30, China’s Caixin PMI at 10:45, India’s services PMI at 14:00, France’s budget balance at 15:45, Turkey’s consumer price index at 16:00, France’s services PMI at 16:50, Germany’s services PMI at 16:55,17:00: Eurozone Services PMI, 17:30: UK Services PMI, 18:00: Eurozone Producer Price Index, 20:00: US MBA Mortgage Applications Index, 21:15: US ADP Employment Report, 21:30: US Initial Jobless Claims, Canada: International Merchandise Trade, US: Trade Balance,U.S. Durable Goods Orders and U.S. ISM Non-Manufacturing PMI at 11:00 PM, remarks by ECB President Lagarde at 11:15 PM, and the release of the FOMC minutes at 3:00 AM. We intend to carefully assess the resilience of the Swiss franc, which, despite being the weakest currency, is showing signs of a rebound.

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