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Should We Be Wary of Further Downside Potential for the Swiss Franc, Which Has Faced Resistance at the PPI?

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Should We Be Wary of Further Downside Potential for the Swiss Franc, Which Has Faced Resistance at the PPI?

15.10.2024

Today's Highlights
  1. Japan: Industrial Production
  2. Canada: Consumer Price Index

In U.S. currency trading the previous day, the Canadian dollar rose against the yen. The CAD/JPY pair rose from 108.205 to 108.721. It moved from below the 20-period moving average (MA) on the hourly chart to above it.On the 4-hour chart, the pair has rebounded from the 75-period moving average, and on the daily chart, it is finding support at the 10-period moving average. We will need to monitor price action during European trading hours to see if the Canadian dollar continues to rise against the yen.

European currencies saw the Swiss franc weaken against the yen yesterday after Switzerland’s September Producer Price Index (PPI) was released, showing a decline to -0.1% from 0.2% the previous month. The franc-yen exchange rate fell from 174.075 to 173.420.On the hourly chart, the 20-period moving average (MA) has shifted from above the price to below it. On the 4-hour chart, the RSI has fallen from 62 to 49, and on the daily chart, the pair is currently undergoing a corrective pullback within an uptrend.

Today’s schedule includes Japan’s Industrial Production at 1:30 p.m., Sweden’s Consumer Price Index and the UK’s Employment Statistics at 3:00 p.m., France’s Consumer Price Index at 3:45 p.m., and Germany’sZEW Economic Sentiment Index, and the Eurozone ZEW Economic Sentiment Index at 18:30; the South African SACCI Economic Sentiment Index at 18:30; the Canadian Consumer Price Index, the U.S. New York Fed Manufacturing Index, and Canadian Wholesale Sales at 21:30; and at 24:30, remarks by the President of the U.S. Federal Reserve Bank of San Francisco,Remarks by the President of the San Francisco Fed, and at 26:00, remarks by U.S. Federal Reserve Governor Kugler are scheduled. We should remain highly vigilant regarding the downside potential for the Swiss franc, which has faced resistance on the upside due to PPI data.

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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Market Participants May Wait and See on Upside Potential for USD/JPY After U.S. PPI Release

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