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Should We Keep an Eye on the Swiss Franc’s Potential to Rebound?

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Should We Keep an Eye on the Swiss Franc’s Potential to Rebound?

18.11.2024

Today's Highlights
  1. Switzerland: Industrial Production
  2. Europe: Trade Balance

Last weekend, the U.S. dollar weakened against the yen. The USD/JPY pair fell by about 3 yen, from 156.735 to 153.882.The price fell to near the 200-period SMA on the hourly chart. On the 4-hour chart, it has fallen just below the 75-period MA, and on the daily chart, the RSI has dropped from 70 to 59. We will be watching price movements during U.S. trading hours to see if the US dollar’s weakness continues.

The Swiss franc weakened against the yen as the Swiss Producer Price Index (PPI) for October, released on the 15th, deteriorated to -0.3% from -0.1% the previous month. The CHF/JPY exchange rate fell from 175.993 to 173.617.The hourly RSI fell from 63 to 22. On the daily chart, the price has hit a new low for the month, and on the weekly chart, it has fallen just below the 10-day moving average (10MA), so we will be watching closely to see if a rebound occurs at the start of the week.

Today’s economic indicators include Japan’s machinery orders at 8:50, the UK’s Rightmove house prices at 9:01, Thailand’s real GDP at 11:30, Switzerland’s industrial production at 16:30, Hong Kong’s employment statistics at 17:30, the Eurozone’strade balance, at 22:00: Philippines Consumer Price Index, at 22:15: Canada Housing Starts, at 22:30: Canada Government Bond Trading Volume, at 24:00: U.S. NAHB Housing Market Index, at 25:30: U.S. 6-Month Treasury Bill Auction,Europe at 27:30: Remarks by ECB President Lagarde are scheduled. We will be watching for signs of a recovery in the falling Swiss franc.

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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