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Will the Swiss franc, which has fallen against the yen, recover? Or should we wait and see which direction it takes?

Market Report

Will the Swiss franc, which has fallen against the yen, recover? Or should we wait and see which direction it takes?

24.03.2026

Today's Highlights
  1. Germany: Non-Manufacturing/Manufacturing PMI
  2. 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 moving 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 been in place 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 Bremen at 10:00, France’s Non-Manufacturing/Manufacturing PMI at 17:15, and Germany’s Non-Manufacturing/Manufacturing PMIs at 5:15 p.m., Eurozone Manufacturing/Services PMIs at 6:00 p.m., UK Manufacturing/Services PMIs at 6:30 p.m., U.S. Nonfarm Productivity Index at 9:30 p.m., remarks by UKMPC Member Pill’s remarks at 22:45, U.S. PMI at 23:00, U.S. Richmond Fed Manufacturing Index at 26:00, remarks by Swiss National Bank (SNB) Governor Schlegel at 26:00, and a U.S. 2-year Treasury auction are scheduled.I’d like to wait and see whether the Swiss franc, which has fallen against the yen, will recover.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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