Should we be wary of the upside potential of the rising Swiss franc?

Should we be wary of the upside potential of the rising Swiss franc?

23.10.2025

In yesterday’s U.S. currency trading, the U.S. dollar rose slightly against the yen. The USD/JPY pair climbed from 151.499 to 152.044, finding support at the 200-period simple moving average (SMA) on the hourly chart.On the 4-hour chart, the uptrend along the 20-MA continues, and on the daily chart, the RSI is currently rising from 53 to 60. Since the pair has already touched the mid-152 yen level during today’s Asian session, we should watch for further gains during the U.S. session.

Among European currencies, the Swiss franc rose against the yen. The CHF/JPY pair rose from 190.393 to 190.948, moving above the 20-period moving average on the hourly chart. On the 4-hour chart, the uptrend along the 10-period moving average continues, and the daily chart shows a similar price movement. Furthermore, during today’s Asian trading session, the Swiss franc strengthened further, touching the 191 yen level.

Today’s economic indicators include the UK CBI Business Survey at 7:00 PM, the Turkish Central Bank’s (TCMB) policy rate decision and statement at 8:00 PM, and Canadian retail sales at 9:30 PM.22:00 UK: Remarks by MPC member Dingra, 23:00 US: Existing Home Sales, 23:25 US: Remarks by Fed Vice Chair Bar, 23:30 US: Weekly Natural Gas Inventories, and 24:00 US: Kansas City Fed Manufacturing Activity Index.Note that the scheduled release of U.S. initial jobless claims remains postponed due to the U.S. government shutdown. We should remain highly vigilant regarding the upside potential of the rising Swiss franc.

Past Market Reports

1. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

2. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

3. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

4. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

5. 13.04.2026New

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

6. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

7. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

8. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

9. 07.04.2026

   Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed