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Will the Market Wait and See How Long the Swiss Franc's Rise Lasts?

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Will the Market Wait and See How Long the Swiss Franc's Rise Lasts?

05.02.2025

Today's Highlights
  1. U.S. PMI (Purchasing Managers' Index)
  2. European and African Non-Manufacturing PMIs

In the U.S. currency market the previous day, the U.S. dollar fell against the euro. The euro rose against the dollar for the second consecutive day, climbing from 1.0272 to 1.0386.On the 4-hour chart, the pair has broken above the 200-SMA line, which had been acting as resistance, and on the daily chart, the upward trend continues after avoiding a new low from last month. It will be interesting to see if the U.S. dollar continues to weaken.

Among European currencies, the Swiss franc rose slightly against the yen. The CHF/JPY pair rose from 169.668 to 171.024. The trend followed the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, the candlesticks have extended to the 75-period moving average (MA) resistance line, while the daily chart shows a retracement toward the 20-period MA centerline. However, as the Swiss franc has weakened during today’s Asian trading session, traders should pay close attention to the direction of the market during European trading hours.

Today’s schedule includes New Zealand’s employment report at 6:45, South Korea’s Consumer Price Index at 8:00, Japan’s Monthly Labor Survey at 8:30, the Philippines’ Consumer Price Index at 10:00, China’s Caixin PMI at 10:45, Indonesia’s retail sales at 13:00,2:00 PM: India’s Services PMI; 4:45 PM: France’s Industrial Production; 5:50 PM: France’s Non-Manufacturing PMI; 5:55 PM: Germany’s Non-Manufacturing PMI; 6:00 PM: Eurozone’s Non-Manufacturing PMI;6:30 PM UK Non-Manufacturing PMI, 7:00 PM Eurozone Producer Price Index, 9:00 PM US MBA Mortgage Applications Index, Brazil Industrial Production, 10:15 PM US ADP Employment Report, 10:30 PM US Trade Balance,Canada’s International Merchandise Trade, at 23:45 the U.S. PMI Purchasing Managers’ Index, at 24:00 the U.S. ISM Non-Manufacturing Index, and at 24:30 U.S. weekly crude oil inventories are scheduled. We intend to carefully monitor whether the Swiss franc’s recent rise will continue.

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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