Attention Turns to the Swiss Franc’s Resilience as Resistance Levels Strengthen
12.11.2024
- Germany's ZEW Current Conditions Index
- European Consumer Price Index
In the U.S. currency market yesterday, the U.S. dollar rose against the euro. The EUR/USD pair fell from 1.0728 to 1.0628, with the 20-period moving average (MA) on the hourly chart acting as resistance.On the 4-hour chart, the 10-period moving average (MA) is firmly capping the upside, while on the daily chart, the RSI has fallen to around 33. Since prices have already stalled near the lows set in April of this year, we should pay close attention to price movements during European trading hours.
Among European currencies, the Swiss franc was particularly weak. The USD/CHF pair rose from 0.8745 to 0.8809, surging sharply from the vicinity of the 75-period moving average on the hourly chart.On the 4-hour chart, the price has already extended to the +2σ level of the Bollinger Bands, and on the daily chart, it is on the verge of breaking above the upper resistance zone formed by the 200-period SMA.
Today’s schedule includes the Australian Westpac Consumer Confidence Index at 8:30, Japan’s Money Supply at 8:50, the Australian NAB Business Confidence Index at 9:30, the UK’sunemployment rate, and the Eurozone Consumer Price Index at 16:00; the German ZEW Current Conditions Index at 19:00; India’s Industrial Production at 19:30; the U.S. NFIB Small Business Optimism Index at 20:00; Brazil’s Retail Sales at 21:00;at 23:30: Canada’s Building Permits; at 24:00: Remarks by Fed Governor Waller; and at 25:30: U.S. 3-month Treasury bill auction. We will be watching for signs of a recovery in the Swiss franc, which has faced resistance on the upside.
Author: Keisuke Sakurai
