2026-10-23 Readings lean bearish
CHF/JPY slides toward yesterday's low as yen strength dominates
The Swiss franc is losing ground against a broadly stronger Japanese yen today. The pair is trading lower over the last 24 hours, reflecting a clear short-term downtrend. Market participants are watching to see if the current support levels will hold.
Trend and momentum
The 4-hour trend structure is down, while the 1-hour chart shows ranging price action. Momentum leans bearish with the 1-hour RSI at 37.29 and the 4-hour RSI at 40.31. The 1-hour price is inside the Bollinger Bands with no squeeze or MACD cross present. The pair has already used 91% of its average daily range, suggesting limited further movement today.
Key levels
The pair is currently trading near yesterday's low of 190.722. A break below this level could expose today's low of 190.454 and last week's low of 189.197. On the upside, resistance sits at yesterday's high of 191.954 and the recent 4-hour high of 192.074. Pushing past these could open the door to last week's high of 192.157.
News and events this week
The Japanese yen is finding support following the release of the Flash Manufacturing PMI at 53.3 and National Core CPI data on October 23. Traders are also positioning ahead of the Bank of Japan's interest rate decision scheduled for October 30. On the Swiss side, the SNB maintains its policy rate at 0.00%, with traders looking ahead to the UBS Economic Expectations release next week.
What would push it higher
If the pair finds strong support at yesterday's low, buyers might step in. This could push the price back toward the 191.954 resistance area.
What would push it lower
If selling pressure breaks through today's low of 190.454, the downtrend will likely continue. This scenario would expose last week's low of 189.197.
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