Should We Keep an Eye on the Swiss Franc’s Potential to Rebound?
18.11.2024
- Switzerland: Industrial Production
- 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 around 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.
European currencies fell against the yen as Switzerland’s October Producer Price Index (PPI), released on the 15th, worsened to -0.3% from -0.1% the previous month. The Swiss franc fell against the yen 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 Swiss franc, which has been falling.
Author: Keisuke Sakurai
