Attention may be turning to the downside potential of the weakening Swiss franc

Attention may be turning to the downside potential of the weakening Swiss franc

03.02.2026

In the U.S. currency market yesterday, the dollar strengthened after the U.S. January PMI Purchasing Managers' Index, released yesterday, recovered to 52.4 from 51.9 the previous month. The euro fell against the dollar from 1.1875 to 1.1776.The price fell as it encountered resistance at the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the pair has entered a downtrend along the -2σ line of the Bollinger Bands, and on the daily chart, it has fallen for two consecutive days to just below the 20-period MA.

Among European currencies, the Swiss franc was the weakest. The CHF/JPY pair fell from 200.923 to 199.092.The price has moved from above the 20-period moving average (MA) on the hourly chart to below it. On the 4-hour chart, the price has fallen just below the 75-period MA, and on the daily chart, after testing the high, it failed to break through and pulled back to the 10-period MA. However, as a rebound has been observed during today’s Asian session, we will be watching closely to see if the Swiss franc recovers during European trading hours.

Today’s economic indicators include New Zealand housing construction permits at 6:45, Japan’s monetary base at 8:50, Australia’s housing construction permits at 9:30,12:30 PM: Australia’s RBA policy rate and statement, 1:30 PM: Australia’s RBA Governor Bullock press conference, 4:45 PM: France’s Consumer Price Index and fiscal balance, 10:00 PM: U.S. remarks by Richmond Fed President Barkin, and 11:40 PM: U.S. remarks by Fed Vice Chair Bowman.Note that today’s U.S. JOLTS job openings report has been postponed. Keep an eye on the downside potential of the weakening 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