Should we be wary of the upside potential for the Swiss franc, which continues to hit new highs?

Should we be wary of the upside potential for the Swiss franc, which continues to hit new highs?

28.01.2026

In yesterday’s U.S. currency trading, the Canadian dollar continued to decline against the yen. The CAD/JPY pair fell from 112.752 to 111.737. It broke below the 20-period moving average (MA) on the hourly chart, with both highs and lows moving lower.On the 4-hour chart, the pair is facing resistance at the 10-period moving average (MA), while on the daily chart, the candlesticks have fallen just below the 75-period MA. The pair has weakened to levels not seen since last November. Additionally, on the weekly chart, the price has broken below the 10-period MA—which had been acting as a support line for the uptrend—with a real body.

Among European currencies, the Swiss franc was the strongest during U.S. trading hours. The USD/CHF pair fell from 0.7783 to 0.7604, pushing the hourly RSI down from 50 to 12. On the 4-hour chart, the price is moving along the -2σ line of the Bollinger Bands, while on the daily chart, it has risen to levels seen during the Swiss franc shock. The daily RSI plummeted to 24.

Today’s key economic indicators include the release of the BOJ meeting minutes at 8:50, the Australian CPI at 9:30, and the GermanThe GfK Consumer Confidence Survey at 9:30 AM, the U.S. MBA Mortgage Applications Index at 9:00 PM, the Bank of Canada (BOC) policy rate and statement at 11:45 PM, U.S. weekly crude oil inventories and a press conference by BOC Governor McClem at 12:30 AM, the FOMC policy rate and statement at 4:00 AM, and a press conference by Fed Chair Powell at 4:30 AM.We should remain cautious about the upside potential of the Swiss franc, which continues to hit new highs.

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