Attention may turn 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 as 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 pair fell as it encountered resistance at the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, it 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. Since 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 – RBA Policy Rate and Statement, 1:30 PM: Australia – RBA Governor Block’s Press Conference, 4:45 PM: France – 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.