Swiss-yen has held firm on the downside, supported by safe-haven demand, but intervention concerns in various countries have capped the upside, and a volatile range-bound market around ¥190 continues.
In trading from the 5th to the 12th last week, Swiss-yen repeatedly bottomed in the ¥189.70 range and consolidated in the ¥190 range, at one point rising to the ¥190.80 range. Toward the weekend, the contest around ¥190 intensified.
Fundamentally, demand for the Swiss franc increased against a backdrop of risks surrounding the Middle East and uncertainty in Europe, sustaining safe-haven demand. This kept the downside firm, while comments from Japanese and U.S. officials discouraging yen depreciation capped the upside.
Technically, support on dips around ¥189.20 and resistance at ¥190.90 became clearer. Moving averages converged around ¥190, and momentum to chase gains frequently weakened.
The main focus this week is the tug-of-war between continued safe-haven demand and intervention concerns. The expected range is ¥189.20–¥190.90, with the pair potentially moving in either direction depending on geopolitical-risk headlines.