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Should We Wait and See How Resilient the Swiss Franc Is, Even as It Rebounds Despite Being the Weakest Currency?

Market Report

Should We Wait and See How Resilient the Swiss Franc Is, Even as It Rebounds Despite Being the Weakest Currency?

03.07.2024

Today's Highlights
  1. U.S. Initial Unemployment Insurance Claims
  2. Germany's Services PMI

In U.S. trading the previous day, the Canadian dollar emerged as the strongest currency. The CAD/JPY pair rose from 117.415 to 118.181. The price rose in line with 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 confirmed, and on the daily chart, the RSI has reached 77. We will be watching to see if today’s economic data releases during U.S. trading hours bring about any changes in market strength or weakness.

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 fell from above the 20-period moving average (MA) to below it. On the 4-hour chart, the price dropped 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 session, the pair has rebounded again, and an uptrend from the daily 10-period MA is now visible.

Today, at 10:30, Australian housing construction permits; at 10:45, China’s Caixin PMI; at 14:00, India’s services PMI; at 15:45, France’s budget balance;at 4:00 PM, Turkey’s Consumer Price Index; at 4:50 PM, France’s Services PMI; at 4:55 PM, Germany’s Services PMI; at 5:00 PM, the Eurozone’s Services PMI; at 5:30 PM, the UK’s Services PMI; at 6:00 PM, the Eurozone’sProducer Price Index at 20:00, U.S. MBA Mortgage Applications at 21:15, U.S. ADP Employment Report at 21:30, U.S. Initial Jobless Claims at 21:30, Canada’s International Merchandise Trade, U.S. Trade Balance,U.S. Durable Goods Orders and U.S. ISM Non-Manufacturing PMI at 11:00 p.m., remarks by ECB President Lagarde at 11:15 p.m., and the release of the U.S. FOMC Minutes at 3:00 a.m. We want to carefully assess the resilience of the Swiss franc, which, despite being the weakest currency, is showing signs of a rebound.

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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