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Should we be wary of further downside potential in the falling CHF/JPY pair?

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Should we be wary of further downside potential in the falling CHF/JPY pair?

22.11.2024

Today's Highlights
  1. European Manufacturing/Services PMI
  2. Total Retail Sales

In U.S. trading yesterday, the Canadian dollar weakened against the yen. The CAD/JPY pair fell from 111.247 to 110.237, trading below the 20-period moving average on the hourly chart. On the 4-hour chart, it briefly dipped below the 75-period moving average support line. On the daily chart, the price has been rejected by the 200-period simple moving average and has pulled back, so we will be watching closely to see if the Canadian dollar continues to weaken during U.S. trading hours.

Among European currencies, the Swiss franc fell sharply against the yen. The CHF/JPY pair dropped from 175.791 to 174.064. The price broke below the support line formed by the 200-period simple moving average (SMA) on the hourly chart. The price continued to decline during today’s Asian session, and on the daily chart, it has moved below the 20-period moving average (MA). We will need to monitor whether the Swiss franc’s decline continues during the European session.

Today’s economic indicators include UK retail sales and German Q3 GDP at 4:00 PM, French manufacturing and services PMI at 5:15 PM, German manufacturing and services PMI at 5:30 PM, Eurozone manufacturing and services PMI at 6:00 PM, and UKmanufacturing/services PMI, a speech by Swiss National Bank President Schlegel at 9:40 PM, a speech by German Bundesbank President Nagel at 10:00 PM, Canadian retail sales at 10:30 PM, and U.S. manufacturing/services PMI at 11:45 PM. We must remain highly vigilant regarding the downside potential of the falling CHF/JPY pair.

桜井 慶介

Author: Keisuke Sakurai

I have over 10 years of experience in FX trading. In the financial sector, I have focused primarily on foreign exchange trading and have also worked as an investment advisor. Drawing on my extensive experience, I specialize in technical and fundamental analysis.

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