Will the direction of the fluctuating franc-yen pair become clear? All eyes are on price movements during European trading hours.
22.04.2025
- U.S. 2-Year Treasury Auction
- Kashkari (U.S.): Remarks by the President of the Minneapolis Federal Reserve Bank
In yesterday’s U.S. currency trading, the U.S. dollar weakened against the euro. The EUR/USD pair rose from 1.1381 to 1.1517. A “band walk” along the +3σ line of the hourly Bollinger Bands was observed.On the 4-hour chart, the RSI rose to 77.5. Similarly, on the daily chart, the RSI has risen to 77. We will need to monitor price movements during U.S. trading hours to see if the U.S. dollar will continue to weaken against the euro.
Among European currencies, the Swiss franc saw a back-and-forth movement against the yen. The CHF/JPY pair traded between 173.478 and 174.971, with price action fluctuating around the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, the pair rebounded after touching the 75-period moving average (MA), while on the daily chart, it has continued to trade at the same level just below the 10-period MA for about five business days. It will be interesting to see if the CHF/JPY, which is currently in a stalemate, will show any clear price movement during European trading hours.
Today’s schedule includes Canada’s Industrial Product Prices at 21:30, remarks by U.S. Federal Reserve Vice Chair Jefferson at 22:00, and remarks by U.S. Federal Reserve Bank of Philadelphia President Harker at 22:30:President of the Philadelphia Fed; at 23:00, the Eurozone Consumer Confidence Index, the U.S. Richmond Fed Manufacturing Index, and remarks by ECB President Lagarde; at 26:00, a U.S. 2-year Treasury auction; and at 26:40, remarks by Kashkari:President of the Minneapolis Fed; at 27:30, remarks by U.S. Richmond Fed President Barkin are scheduled. We will be watching price movements during European trading hours to see if the direction of the closely contested CHF/JPY pair becomes clearer.
Author: Keisuke Sakurai
