Morning briefing: Euro can dip towards 1.1700/1.1600 on a break below 1.1800
|The DXY can rise towards 99 while above 97.50 while Euro can dip towards 1.17/1.16 on a break below 1.18. EURINR could rise to 108 while above 106. EURJPY can test 184 initially, a break above which is needed for a further rise to 186. USDJPY has moved up well and can face resistance from 156 and fall to 154. USDCNY can rise towards 6.92. The Aussie and Pound can rise, while above 0.70 and 1.34 respectively. USDINR needs to break above 91 to rise towards 91.50 else can dip to 90.50/30 soon.
The US Treasury yields are attempting to rise back. But they have to break their immediate resistances to go higher. Else, they can fall back again to test their supports and then possibly see a rise. The German yields remain lower. They can fall more from here. The 10Yr GoI has risen well. That keeps intact our bullish view. The yields can rise further in the coming weeks.
Dow is hovering above key support and looks likely to bounce towards 49,800–50,000 as long as it holds. DAX remains firm after testing recent highs and can extend gains towards 25,400–25,500 in the near term. Nifty has moved higher and is expected to stay within the 25,300–26,000 range while support holds. Nikkei continues to weaken as expected, with further downside towards 56,150–56,000 likely. Shanghai remains closed for the Lunar New Year holiday and will resume trading from 24-Feb-26.
Brent and WTI remains positive with scope to move up towards $74–$76 and $68–$70 respectively. Gold is testing the $5,100 level and a sustained break above this can trigger a rally towards $5,250–$5,350. Silver is moving higher and may retest $90 if the momentum holds. Copper needs a sustained break above $5.80 to extend the rise towards $6.00–$6.20. Natural Gas stays biased higher towards $3.20–$3.40 as long as immediate support holds.
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