CHF/JPY is the best performer on the week

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CHF/JPY has gained in six of the past seven trading day and it was easily the strongest currency this week, trailing only SEK in the G10 basket.

The JPY and CHF used to be the low-yielding brothers in the market and moved together. The EUR/CHF peg and deflation fight from the BOJ has changed that.

I suspect the Swiss franc will resume its decline but it will be choppy as the SNB unwinds its enormous EUR reserves.

Looking at the CHF/JPY chart, it has gained in 10 of the past 12 weeks and faces no significant resistance on the way to a test of 108.80.

Author: Adam Button

Adam Button is the managing editor of ForexLiveâ„¢. He was previously the chief currency strategist at XForex and has also worked with Intermarket Strategy. Adam believes there's an edge in knowing every tidbit of news. He was formerly the head of the markets team at the Canadian Economic Press and is a graduate of Ryerson University. Adam lives in Montreal, follow him on Twitter: @FX_Button.


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Adam Button


  1. Hi Adam. May it be side effect of SNB selling into EURCHF strength? Apparently someone has been buying a lot of franks there since it hit 1.25

  2. That’s what I’m thinking — something strange going on there.

  3. @Adam: can you please include the CHF in your CFTC data listing ?-)

  4. Flying, I certainly will. It’s out in an hour.

  5. @Adam: great :-)
    + do you know when the SNB will give out their balance details the next time? If that will show a major Euros drop and CHF increase this would be great news (for long EUR/CHF)
    + I asked already last time: do you know whether some ‘big guys’ get the CFTC data beforehand?
    + Thx + great weekend

  6. The week when the DOW broke above 14000 after 5 years while the CHF was outperforming everything but the SEK. Problem?


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