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CHF: Softer JPY Drags CHF to Bottom of G10

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  • The firming greenback continues to work against the gains posted across both the JPY and CHF since the beginning of the week, with USD/JPY re-taking Y144.00 and USD/CHF testing the 0.8500 handle. Moves appear largely corrective at this stage, with very little feed-through in rates markets - the pricing for the SNB's Sept decision remains finely balanced between a 25 and a 50bp cut step (full MNI preview here: https://mni.marketnews.com/4edrH25 ).
  • CHF/JPY drifts back to flat on the day on the move, erasing the ~70 pip gains posted in the cross through Asia-Pac trade. This fade off highs retains resistance at the 50-dma crossing today at 170.68. Technically, the formation of a death cross (50-dma < 200-dma) on Sep19 for the first time since February last year also signals near-term downside momentum for the price.
  • USD/CHF remains in the Sept range, but progress above 0.85 would open more formative resistance at 0.8502, the downtrendline drawn off the July 16th high.
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  • The firming greenback continues to work against the gains posted across both the JPY and CHF since the beginning of the week, with USD/JPY re-taking Y144.00 and USD/CHF testing the 0.8500 handle. Moves appear largely corrective at this stage, with very little feed-through in rates markets - the pricing for the SNB's Sept decision remains finely balanced between a 25 and a 50bp cut step (full MNI preview here: https://mni.marketnews.com/4edrH25 ).
  • CHF/JPY drifts back to flat on the day on the move, erasing the ~70 pip gains posted in the cross through Asia-Pac trade. This fade off highs retains resistance at the 50-dma crossing today at 170.68. Technically, the formation of a death cross (50-dma < 200-dma) on Sep19 for the first time since February last year also signals near-term downside momentum for the price.
  • USD/CHF remains in the Sept range, but progress above 0.85 would open more formative resistance at 0.8502, the downtrendline drawn off the July 16th high.