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With the Swiss franc showing signs of weakness, will it soften further at the end of the month? Keep an eye on the trend.

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With the Swiss franc showing signs of weakness, will it soften further at the end of the month? Keep an eye on the trend.

30.08.2024

Today's Highlights
  1. European Consumer Price Index
  2. Japan: Employment Statistics

In the U.S. currency market yesterday, the U.S. dollar rose against the yen despite the fact that the U.S. second-quarter GDP, released yesterday, showed a decline in the core PCE deflator from the previous reading of 2.9% to 2.8%.The USD/JPY pair rose from 144.225 to 145.552. The 20-period moving average (MA) on the hourly chart acted as a support level, driving the price higher. While the 4-hour chart shows a similar price movement, the 10-period MA on the daily chart is acting as resistance, causing the price to stall.

Among European currencies, the Swiss franc was the weakest. The CHF/JPY pair fell from 172.263 to 170.746, dropping approximately 150 pips to just below the 200-period SMA on the hourly chart.On the 4-hour chart, the price has rebounded after hitting resistance at the 200 SMA, and on the weekly chart, it is forming higher lows below the 20 MA. Additionally, the weekly RSI has fallen from above 70 to 45, indicating a buffer against further declines; therefore, caution is advised regarding price movements heading into the start of the month.

Today, New Zealand housing construction permits are due at 7:45, South Korea’s industrial production at 8:00, Japan’s employment statistics, Tokyo Consumer Price Index, and industrial production at 8:30, Australia’s retail sales at 10:30,at 3:45 PM: France’s Consumer Price Index, Real GDP, and Producer Price Index; at 4:00 PM: Switzerland’s KOF Leading Index; at 4:55 PM: Germany’s Employment Statistics; at 6:00 PM: the Eurozone’s Consumer Price Index; at 9:30 PM: Canada’s Real GDP;U.S. PCE Deflator at 21:30, U.S. Chicago PMI at 22:45, and U.S. University of Michigan Consumer Sentiment Index at 23:00. We’ll be watching closely to see if the Swiss franc, which has been trending lower, will weaken further as the month comes to a close.

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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