Should we keep a close eye on the direction of the rising Swiss franc?
07.08.2024
- France: Current Account Balance
- Germany's Trade Balance
In yesterday's U.S. trading session, the Canadian dollar saw a seesaw movement against the yen. The CAD/JPY pair traded between 103.932 and 105.979. Price action saw the pair move above the 20-period moving average (MA), while the 75-period MA on the hourly chart capped gains. On the 4-hour chart, the pair is trading just below the 10-period MA, and the RSI on the daily chart stands at 11. We will be watching to see if the Canadian dollar rebounds during European trading hours.
Among European currencies, the Swiss franc rose slightly against the yen. The CHF/JPY pair traded between 168.564 and 171.135, fluctuating between the 20-period and 75-period moving averages on the hourly chart. On the 4-hour chart, the pair broke above the 20-period moving average—which had been acting as resistance—during today’s Asian trading session. We will be watching closely to see if the Swiss franc continues to strengthen against the yen.
Today’s economic indicators include South Korea’s current account balance at 8:00, Thailand’s consumer price index at 12:30, Japan’s economic sentiment index at 14:00, and Germany’strade balance and industrial production, France’s current account and trade balance at 15:45, the U.S. MBA Mortgage Applications Index at 20:00, Canada’s Ivey PMI at 23:00, U.S. weekly crude oil inventories at 23:30, the U.S. 10-year Treasury auction at 26:00, and U.S. consumer credit at 28:00.We want to carefully assess the direction of the rising Swiss franc.
Author: Keisuke Sakurai
