With the Swiss franc facing resistance due to falling CPI, attention may turn to its downside potential

With the Swiss franc facing resistance due to falling CPI, attention may turn to its downside potential

04.11.2024

Last weekend, the U.S. dollar fell against the yen immediately after the release of the U.S. October employment report on the 1st, as nonfarm payrolls dropped sharply from 254,000 in the previous month to 12,000.The USD/JPY pair fell from 152.834 to 151.804. It subsequently recovered, eventually rising to 153.089. Since the market opened with a gap down during today’s Asian session, traders should remain cautious regarding price movements during the European session.

European currencies saw the Swiss franc weaken against the yen after the Swiss Consumer Price Index for October, released on the 1st, showed a year-on-year decline from 0.8% in the previous month to 0.6%. The CHF/JPY pair fell from 176.625 to 175.407. On the hourly chart, the price moved from above the 20-period moving average (MA) to below it.On the daily chart, the price has retreated from the +2σ line of the Bollinger Bands toward the centerline, so it will be worth watching whether this price movement continues during U.S. trading hours.

Today’s schedule includes the Turkish Consumer Price Index at 4:00 PM, the Brazilian Consumer Price Index and the Hungarian Manufacturing PMI at 5:00 PM, the French Manufacturing PMI at 5:50 PM, the German Manufacturing PMI at 5:55 PM, the Eurozone Manufacturing PMI at 6:00 PM, the Eurozone Investor Sentiment Index at 6:30 PM, and at 7:00 PM, remarks byRemarks by Nagle, President of the German Federal Bank, at 12:00 a.m., U.S. Manufacturing Orders at 3:00 a.m., U.S. 3-Year Treasury Auction at 3:30 a.m., and the RBNZ Financial Stability Report at 3:50 a.m. are scheduled. We will be watching for further downside potential in the Swiss franc, which has faced resistance due to falling CPI.

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