Will the Swiss franc, which has fallen against the yen, recover? Or should we wait and see which direction it takes?
24.03.2026
- Germany: Non-Manufacturing/Manufacturing PMI
- U.S. Nonfarm Labor Productivity Index
In U.S. currency trading the previous day, the dollar fell against the yen. The USD/JPY pair fell from 159.657 to 158.011, declining along the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, the pair has moved from above the 20-period moving average (MA) to below it and has fallen to just below the 75-period MA. On the daily chart, while the pair is barely finding support at the 20-period MA on the downside, it is forming lower highs.
Among European currencies, the Swiss franc fell against the yen. The CHF/JPY pair dropped from 202.454 to 200.567. It rebounded after hitting resistance at the 200-period SMA on the hourly chart.On the 4-hour chart, the price is shifting from above the 20-period MA to below it within a zone where short- and long-term MAs are clustered, while on the daily chart, it is holding firm just below the 20-period MA. Furthermore, on the weekly chart, the uptrend along the 10-period MA—which has continued since February of last year—remains intact; therefore, we should remain cautious of upward pressure until the price falls below the 20-period MA on the weekly chart.
Today’s economic indicators include Japan’s Consumer Price Index at 8:30, remarks by RBNZ Governor Breman at 10:00, France’s Non-Manufacturing/Manufacturing PMI at 17:15, and Germany’s Non-Manufacturing/Manufacturing PMIs at 17:15, Eurozone Manufacturing/Services PMIs at 18:00, UK Manufacturing/Services PMIs at 18:30, U.S. Nonfarm Labor Productivity Index at 21:30, remarks by UKPill, MPC Member, at 22:35; U.S. PMI at 22:45; U.S. Richmond Fed Manufacturing Index at 23:00; remarks by Swiss National Bank (SNB) Governor Schlegel at 26:00; and a U.S. 2-year Treasury auction.I’d like to wait and see whether the Swiss franc, which has fallen against the yen, will recover.
Author: Keisuke Sakurai
