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Will the market wait and see where the Swiss franc is headed amid falling stock prices and a strong franc?

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Will the market wait and see where the Swiss franc is headed amid falling stock prices and a strong franc?

05.11.2024

Today's Highlights
  1. UK Non-Manufacturing PMI
  2. U.S. ISM Non-Manufacturing Purchasing Managers' Index

In the previous day’s U.S. currency trading, the U.S. dollar was the weakest currency throughout the day, starting from the Asian session. The USD/CHF pair fell from 0.8680 to 0.8614. A downtrend developed along the 10-period moving average (MA) on the hourly chart.On the 4-hour chart, the pair has fallen to the -2σ level of the Bollinger Bands, and on the daily chart, it briefly broke below the 20-MA support line. We will need to monitor the direction closely to see if the U.S. dollar continues to weaken against the Swiss franc.

Among European currencies, the Swiss franc emerged as the strongest currency during U.S. trading hours. The CHF/JPY pair rose from 175.298 to 176.273. It moved from below the 20-period moving average (MA) on the hourly chart to above it.On the 4-hour chart, the 75-period moving average is acting as support, and on the daily chart, the pair is beginning to resume an upward trend without falling to the 20-period moving average.

Today’s schedule includes the China Caixin Non-Manufacturing PMI at 10:45, the RBA policy rate and statement at 12:30, a press conference by RBA Governor Block at 13:30, the Swiss unemployment rate at 15:45, and the FrenchIndustrial Production, France’s Manufacturing Production Index, and France’s Budget Balance; at 18:30, the UK’s Non-Manufacturing PMI; at 22:30, Canada’s Trade Balance and the U.S. Trade Balance;23:45: U.S. Non-Manufacturing PMI; 24:00: U.S. ISM Non-Manufacturing Index; 27:00: U.S. 10-Year Treasury Auction; and 6:45 the following day: New Zealand Q3 Unemployment Rate.I intend to closely monitor the direction of the Swiss franc, which has been strengthening amid falling stock prices.

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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